SAN FRANCISCO (July 15, 2013) – Having marked 2012 as a record year in sales, Timbuk2 affirmed that it has only just begun. A group led by TB2 Investors and Timbuk2 management has acquired a controlling equity stake in the company, and the company has repurchased the equity owned by affiliates of VMG Partners and others. The transaction consolidated the ownership of Timbuk2, while also investing additional capital in the company to support its growth. TB2 Investors is led by former Timberland Chief Operating Officer and industry investor Ken Pucker, and is funded by patient capital committed to responsible brand and business building.
First to design customizable messenger bags, Timbuk2 has manufactured in San Francisco since 1989. Started by bicycle messenger Rob Honeycutt, cycling is core to Timbuk2’s culture and larger mission to inspire responsible, urban mobility. For almost a quarter of a century, Timbuk2’s product line has evolved from cycling-inspired messenger bags to categories including backpacks, camera bags, totes, and travel bags.
“This transaction enables Timbuk2 to continue on the same path without interruption with an even stronger balance sheet and fresh board level expertise,” said Timbuk2 CEO Mike Wallenfels. “I remain excited to lead a team committed to creating and building valuable, lasting products that excite consumers."
Tony Meneghetti, Timbuk2's COO, added "Manufacturing in San Francisco and connecting with local not-for-profit organizations in every city in which we open stores remains fundamental to our belief that businesses must be engaged with the communities in which they operate. The durability and lifetime guarantee of our product is also part of our commitment to build responsibility and value into everything at Timbuk2."
This evolution represents an exciting opportunity, according to Rob Honeycutt, the founder of Timbuk2 and friend of the brand. "The idea of Timbuk2 remains nascent. I am delighted to see Timbuk2 opening stores and developing more and more capability to customize products. I look forward to the next 25 years of rule breaking and inspiration."
For more information about Timbuk2, visit www.timbuk2.com.
Timbuk2 is a San Francisco original that pioneered mass customization and popularized the messenger bag. Committed to inspiring responsible, urban mobility, Timbuk2 products are designed to last a lifetime and therefore known for legendary durability. Born and bred in San Francisco bike messenger Rob Honeycutt’s garage in 1989, Timbuk2 has continuously manufactured made-to-order, extremely durable products in San Francisco for 25 years. Timbuk2 products are sold at specialty retailers and online atwww.Timbuk2.com
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