Yeti Coolers, pioneers of the high-end cooler market, was acquired by New York-based private equity firm Cortec Group last Friday, June 15th. Yeti offers arguably the best coolers on the market, and apparently they only promote avid hunters and fisherman to executive positions:
“YETI’s partnership with Cortec represents a tremendous outcome for all parties involved, and we look forward to tracking the continued success of YETI. We are witnessing exceptionally strong demand from both strategic and financial buyers for enthusiast brands in the consumer sector,” added Ryan Budlong, a vice president at Harris Williams & Co. and member of the firm’s Consumer Group.
The terms of the deal were not announced, however Cortec typically acquires companies with valuations between $40-$300 million. Yeti grossed $13 million in
2011 2010, up from $3 million in 2008.
Cheers to Yeti for making great coolers and awesome YouTube videos: