American lifestyle brand Johnnie-O has announced it has raised 108 million dollars in an investment round by Wasatch Global Investors and Ares Management Corporation.
It comes as Johnnie-O reported its sales and EBITDA had grown by more than 80 percent in 2021, the brand said in a release, with this new financing set to help the company continue its growth trajectory.
It added the funding will further support the brand, nurture its relationship with consumers and retail partners and broaden its investor base, with both Wasatch and Ares now collectively holding minority interest in the company.
“We are excited to provide flexible capital in support of Johnnie-O’s strong growth plans,” said Brian Goldman, partner at Ares. “This investment dovetails with Ares’ strategy of investing alongside companies with strong brands, compelling track records and best in class management teams.”
Johnnie-O credited its financial performance and “consistently high sales” to its “passionate customer following”, product offering and omnichannel balance, with its e-commerce channel particularly contributing to its success.
The company said it is expecting to continue to drive and broaden the brand in 2022, growing its presence across all channels.