Solo Brands, Inc., the owner of Solo Stove, Oru Kayak, ISLE, and Chubbies, announced Thursday that it has acquired TerraFlame, which specializes in indoor fire products.
The acquisition price was not disclosed.
“This strategic acquisition complements our brands, and, alongside Solo Stove, allows us to offer our customers the fire burning experience outdoors, and with the addition of TerraFlame, we’re thrilled to bring the fire inside,” Solo Brands CEO John Merris said in a statement. “We hope to leverage our direct-to-consumer and wholesale expertise to support TerraFlame’s growth while also leaning into TerraFlame’s shared passion for product innovation and incredible products to elevate the Solo Brands’ customer experience.”
Solo Wholesale Expansion
Last week, Solo Brands reported a 7% increase in first quarter sales to $88.2 million. The growth was driven by strength in the wholesale channel due in part to new strategic retail partnerships with retailers such as Costco, Dick’s Sporting Goods, Ace, Academy and Scheel’s.
TerraFlame sells a range of indoor fire products, including its S’mores by TerraFlame portable tabletop s’mores roaster designed to be used indoors. In addition to selling directly online, TerraFlame also sells its products to Target, Pottery Barn, Williams Sonoma, and Crate & Barrel.
TerraFlame’s team, including its CEO Lenny Vainberg who will become TerraFlame General Manager, will join Solo Brands.
Solo Brands also announced Thursday that certain stockholders of Solo Brands intend to offer 11,304,348 shares of Solo Brands’ Class A common stock for sale in an underwritten public offering.
The selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 1,695,652 shares of Solo Brands’ Class A common stock, Solo Brands said.
Solo Brands, headquartered in Grapevine, Texas, is not selling any shares of Class A common stock in the secondary offering and will not receive any proceeds from the sale of shares by the selling stockholders.