Affliction Lands New Investor Funding, Acquires Stake in Throwdown
Seal Beach, Calif.–based Affliction Holdings LLC has been recapitalized by an investor group led by New Evolution Ventures LLC (NeV)—a Lafayette, Calif.–based private-equity firm specializing in fitness, media and sports entities—and Bob Meers, Affliction’s chief executive officer.
Wells Fargo Trade Credit provided the debt financing for the deal, and FocalPoint Securities LLC served as the financial adviser to Affliction.
At the same time, Affliction acquired a controlling interest in Throwdown Industries Inc. New York–based Integrity Square LLC represented Throwdown as financial adviser, and Andrew Kline and Frederico Lapenda of Los Angeles–based investment bank Park Lane served as financial advisers to NeV. Terms of the deal were not disclosed.
Meers, a former chief executive of Reebok and Lululemon Athletica, joined Affliction in August and will continue to lead the company.
“I am excited to complete this transaction with NeV and see a very bright future for Affliction and Throwdown,” he said. “The founders of Affliction have done a terrific job building a unique brand, and I see tremendous opportunities, both domestic and international, through organic initiatives and acquisitions.”—A.A.N.
