Southlake-based Solo Brands Inc., a maker of fireplaces, grills and other outdoor lifestyle products, is looking to go public in an initial stock offering filed Monday.
The company has declared a list size of $ 100 million, a notional amount that will likely change. Solo Brands is seeking a valuation of over $ 1 billion on the list, Bloomberg News reported in July.
The company counts Summit Partners and Jan Brother Holdings Inc. among its major shareholders, according to the filing. The company was founded in 2011 by two brothers.
The direct-to-consumer business began as Solo Stove, a manufacturer and seller of easy-to-use fireplaces and camping stoves for outdoor enthusiasts. Two other grill manufacturers – Traeger Inc. and Weber Inc. – went public this year.
With three subsequent acquisitions, Solo Stove became Solo Brands, uniting its flagship product with Chubbies Shorts, Oru Kayak and paddleboard maker Isle. The four products achieved combined sales of $ 225 million in the first six months of fiscal 2021, according to the IPO filing.
“We created Solo Brands with a vision for a different approach to direct-to-consumer business – an approach that is not only better for the customer, but better for the community as a whole,” said CEO John Merris in a statement when the company announced the acquisition of the Chubbies.
“Each of these brands is amazing in their own way – but together we’ll be able to collectively deliver a better customer journey – while doing more for the communities that built us,” he said.
Bank of America Corp., JPMorgan Chase & Co. and Jefferies Financial Group Inc. lead the offering. Solo Brands is considering listing on the New York Stock Exchange under the symbol DTC.