Morrow Snowboards, Inc.
Leading designer, manufacturer and marketer of premium snowboards and related products such as boots and bindings. The Company was among a small group of companies that pioneered fundamental changes in the construction and performance characteristics of snowboards. In 1994, Morrow was considered to hold the number two market position in the snowboard industry and was the largest producer of snowboards in North America.
In April 1994, a Principal led a group of investors in a common stock investment of $1.6 million in the Company to allow management to accelerate growth and improve its manufacturing capabilities and efficiencies.
From the time of purchase to IPO, revenue grew from $8.8 million to approximately $30 million. During this period of significant growth the Company increased EBITDA from $1.1 million in 1993 to $2 million in 1996. The timing of the Company's IPO/exit was considered ideal as pure industry plays in the segment were in high demand by investors. A strong relationship was maintained after the IPO where the Principals helped execute certain transactions including the ultimate sale of the business to K2. Realized annual IRR 103.0%.