Fabric-innovator OEM Cocona announced it had received a $15 million cash infusion from H.I.G. Growth Partners last week.
Here are the details:
Cocona, Inc. has developed significant market penetration with patented Cocona® Technology in the global Sports and Outdoor markets and has identified many other high value applications and markets for growth.
"This investment comes at a perfect time for us. We have worked to commercialize our technology, develop our brand partnerships, and build our team. Now we have the resources that will help us streamline our operations, expand our product and application development capacity and invest in building our brand for long-term growth", said Brad Poorman, CEO of Cocona, Inc.
H.I.G. Growth Partners Managing Director, Craig Burson, will join the Board of Directors. Mr. Burson brings years of commercial and investment experience and will be a valuable addition to implementing the Company's growth plans. "We see tremendous opportunity with Cocona, said Burson. "It has been years since a technology has made such an impact in these markets and we are excited to be a part of it."
Headquartered in Boulder, Colorado, Cocona is the world leader in the development, commercialization and marketing of Active Particle Technologies used to dry clothing, footwear and sleep systems. With initial focus on the Outdoor and Sports markets, Cocona is rapidly gaining market penetration for patented Cocona® Technology in the commercial, industrial, and hospitality markets globally and discovering new applications for the technology. For more, visit: www.cocona.com
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $10 billion of capital under management and offices in Miami, Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the U.S., and affiliate offices in London, Hamburg, Madrid and Paris in Europe as well as Rio de Janeiro in South America. With $500 million of committed capital, Growth Partners seeks to make both majority and minority equity investments ranging from $5 million to $30 million in strong, growth-oriented businesses with between $10 million and $100 million in revenues. Growth Partners considers investments across all industries, but focuses on certain high-growth sectors where the team has extensive in-house expertise such as healthcare, technology, internet and media, consumer products and technology-enabled financial and business services. Growth Partners strives to work closely with our management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.