POW Inc. has announced $2.5 million in fresh funding from Columbia Pacific Advisors, a Seattle-based investment firm. The new round will enable the company to expand its customer base, enter new markets, and upgrade the supply chain and customer-service operations. Pow said it will also seek new brands to acquire.
POW Inc., which is also based in Seattle, operates three brands catering to skiers, snowboarders and outdoor sports enthusiasts — POW Gloves, Holden Outerwear and Spacecraft. Last year, POW Gloves bought Holden Outerwear and Spacecraft and created POW Inc. as the parent company for the three brands, which were all founded in 2002. Spacecraft makes headwear and other accessories. The group sells in more than 35 countries around the world.
Columbia Pacific manages assets worth more than $850 million and invests in rapidly expanding technologies, business services and consumer products companies. It sets itself apart by using a combination of debt and equity to invest in companies like POW — i.e. businesses that may not meet the rigid lending requirements of a bank but do not want to give up control and equity to venture capital and private equity firms. Instead, Columbia Pacific structures tailored financing facilities, using both debt and equity, to match the specific needs of the expanding company.