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Summit Sports, a Michigan-based specialty wintersports and outdoor retailer with three locations, but better known for its online outlets, has been acquired by private equity group Digital Fuel Capital.
Founded by president and CEO Steve Kopitz in 1990, Summit has brick-and-mortar stores in Brighton, East Lansing and Keego Harbor, Mich. and owns Skis.com, Snowboards.com, InlineSkates.com, WaterOutfitters.com and CampGear.com. Summit previously had nine physical locations, before the online sales became the predominant side of the business.
Summit’s new owner, Newton, Mass.-based Digital Fuel Capital said it has invested “in a number of e-commerce platform companies” that will it will consolidate with Summit, and that it plans to pursue “acquisitions of other leaders in action and outdoor sports.”
“We believe that Summit is an ideal platform to acquire other similar leaders in action, outdoor and other online specialty sports segments,” said Digital Fuel Capital President Carson Biederman. “Summit will begin a combined search, with the help of Digital Fuel, for leaders in specialty sporting goods e-commerce with a minimum revenue of $5 million. Combined, Summit and Digital Fuel have the skills, platforms, technologies and expertise to help other specialty sporting goods online retailers achieve their full potential.”
Digital Fuel Capital partnered with Bay Capital Investment Partners, Eagle Private Capital, MB Financial Bank and Pine Street Capital Partners to provide Summit Sports with the capital base to support its planned expansion.
The Forbes M+A Group helped represent Summit in the deal.