Consumer Products Acquisitions in Hawaii

Gladstone Capital Corporation completed a senior debt and minority equity investment in WB Xcel Holdings, LLC (Xcel), a Hawaii-headquartered surf and watersports apparel and equipment brand. The capital will provide balance sheet flexibility, fund growth initiatives and support the company’s international expansion plans.

Boardriders, Inc. sold its Xcel wetsuit brand to Colorado-based ZG Collective as part of a portfolio rationalization to focus investment on its six primary global brands and multi-year growth initiatives. The divestment, announced March 17, 2020, was described by Boardriders as aligning with its strategy to fund digital transformation, category extensions and sustainability programs; ROTH Capital Partners and K&L Gates advised Boardriders.