Colorado Outdoors Announces $1mm Opportunity Zone Investment
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MONTROSE, Colo. (April 30th, 2020) Colorado Outdoors Pearl Fund, LP announced today it has made the largest opportunity zone venture investment to date in the country by investing $1MM dollars from it’s newly formed qualified opportunity zone business fund into outdoor industry holding company, Wedge Brands, LLC.
Wedge Brands, LLC is led by Jarka Duba of Aspen, Colorado. Mr. Duba is also the CEO of ZG Holdings. Prior to ZG Holdings, Jarka ran sporting goods company POC USA until its acquisition by Black Diamond Inc.
Wedge Brands recently added Xcel Wetsuits to its growing portfolio of outdoor industry companies, which also includes ownership in Level Gloves USA, Northwave USA, Koda Nutrition USA, Elevenate Inc., KAR Direct, and Briko USA.
With the acquisition, Wedge also announced plans to build a 76,000 square foot distribution and third party logistics center on the Colorado Outdoor campus in Montrose, Colorado. Wedge Brands will be investing an estimated $14MM in this new facility. Construction is likely to begin in 2020 with a completion date of 2021. Wedge intends to bring several new jobs to Montrose over the next 10 years.
“We were very encouraged to work with the Colorado Outdoors Pearl Fund. The Pearl Fund should be a great partner for Wedge Brands as we continue to grow and acquire brands,” said Jarka Duba.
“Opportunity Zone venture investing is key right now because unlike OZ real estate investing, OZ venture capital can go right to work into companies that are thriving during these times. No permits, or construction delays are happening with OZ venture investing.” Added Brian Phillips, Co-Founder and Partner of The Pearl Fund.
“We are excited about the new brands coming into the Montrose, Colorado Opportunity Zone and are committed to delivering on the promise of OZ to drive attractive tax-free returns for investors, real job creation and a Made in America pride for rural Colorado,” said D. Dragoo, General Partner of the Colorado Outdoors Pearl Fund.
“Opportunity zones will be the vehicle to bring back economic recovery. The Colorado Outdoors QOZ is one of the first to invest in these turbulent times.” added Dragoo.
About Wedge Brands
About Wedge Brands: Founded in 2020, Wedge’s mission is to build, buy, and grow brands we believe in. Wedge’s strategy is to take active, majority positions in its subsidiaries and provide operational support focused on scaling third-party logistics (3PL) services. Wedge is focused on growing the outdoor, snowsport, bike and consumer products industries.
About Colorado Outdoors Pearl Fund: The Colorado Outdoors Pearl Fund, LP, a Colorado based qualified opportunity zone (QOZ) and venture capital fund established in 2019 to take advantage of two main ideas: the newly established opportunity zones and the outdoor recreation economy. The Western Slope is a central economic engine for Colorado’s outdoor recreation industry. One of the funds main strategies to recruit and expand primary jobs within the outdoor industry to Montrose. More information can be found at ColoradoOutdoors.CO/invest
About Colorado Outdoors
Colorado Outdoors is a 164-acre economic development project along the Uncompahgre River corridor. The project aims to attract outdoor-centric industries to Montrose and will also include river restoration, retail, residential and industrial development.
