Consumer Products
PSB has been recapitalized by Prudential Private Capital
Published January 31, 2022
CLA Meridian Capital Advises Pioneer Square Brands on its Recapitalization by Prudential Private Capital
CLA Meridian Capital (“CLA Meridian Capital”), a leading Seattle-based middle-market investment bank and M&A advisory firm is pleased to announce the successful recapitalization of Pioneer Square Brands (“PSB” or the “Company”) by Prudential Private Capital (“Prudential”). CLA Meridian Capital served as the exclusive financial advisor to PSB.
Pioneer Square Brands designs and markets premium mobile technology cases and bags sold primarily to the K-12 education market. PSB’s best-in-class protection products include molded and non-molded cases for tablets and laptops, bags, keyboards, headphones, and other technology accessories. The Company’s patented products are certified by PSB’s TechShell brand, which standardized the case drop testing process and licenses patented technology to provide maximum protection for technology devices.
PSB’s previous equity partner, Gladstone Investment Corporation (NASDAQ: GAIN) was seeking an exit of its investment following the company’s successful integration of two acquisitions and strong growth over the past three years. Management was interested in bringing in a partner that could provide a full one-stop financing package to facilitate a recapitalization and help pursue continued growth into new product lines and geographies.
Scott Armstrong, CEO of Pioneer Square Brands, said, “CLA Meridian Capital was an exceptional advisor throughout our process and kept a keen focus on shareholder goals while exploring our capital options. We are excited to partner with Prudential as we continue providing customers high-quality experiences and products in the K-12 space and look forward to building on our success in complimentary markets.”
Brian Murphy, President and Managing Director at CLA Meridian Capital added, “We have great respect for PSB’s management team successfully navigating the complexities of the K-12 market. PSB’s history of executing key strategic initiatives, including the development of a robust patent portfolio, creating unique selling process with OEMs, and investing in scalable offshore operations will allow them to grow their leadership position in the case market. It was a pleasure to work with Scott, Mike, Marc, and the rest of PSB’s leadership team.”
ABOUT PIONEER SQUARE BRANDS
Pioneer Square Brands designs and markets premium mobile technology cases and bags sold primarily to the K-12 education market. They sell their patented products through two brands, Gumdrop and Brenthaven, and operate a case protection and certification platform, TechShell. Pioneer Square Brands is headquartered in Seattle, WA with a second location in Manila.
For more information, please contact:
Managing Principal of Investment Banking
About CLA Meridian Capital
CLA Meridian Capital is the investment banking division of CliftonLarsonAllen (CLA) Wealth Advisors, LLC, an SEC registered investment advisor and broker dealer, member FINRA/SIPC. With 30+ years of middle-market M&A and financial advisory experience, $22 billion in total transaction value, and deep industry knowledge across the Consumer, Industrials, and Technology sectors, CLA Meridian Capital helps our clients preserve the value they’ve built and the legacies they leave behind.
