Corkcicle and McCarthy Capital Partner to Accelerate Growth
ORLANDO, FL., April 2, 2019 – Corkcicle (“Corkcicle” or “Company”), the trend leader in fashion-forward, premium insulated drinkware, barware and soft-coolers, today announced a substantial minority investment from McCarthy Capital Fund VI (“McCarthy Capital”). McCarthy Capital manages more than $1 billion of investment capital across its portfolio and specializes in growing businesses in partnership with strong management teams.
The partnership will enable Corkcicle to expand its brand awareness and product portfolio, as well as enter new markets. Corkcicle hopes to accelerate its outsized growth – currently more than 50% year-over-year – and continue to attract key talent, fortify its infrastructure, advance product design and execute a disciplined brand strategy.
“We couldn’t be more excited about the partnership that we’ve found with the team at McCarthy Capital. They bring a deep wealth of experience and resources to our fast-growing organization and we strongly believe they will significantly contribute by helping us facilitate smart growth and scale the business effectively,” said Ben Hewitt, CEO of Corkcicle.
Phil Dudley, Principal at McCarthy Capital added, “We’re thrilled to partner with Corkcicle to further accelerate the brand and help support growth across its distribution channels as well as in new markets. Corkcicle has set itself apart as a design brand that is in touch with today’s emerging consumer. We believe it has a very exciting future due to its world-class team, impressive product development roadmap and strategic growth plan.”
Corkcicle remains majority owned and operated by the founding management team of Ben Hewitt, Eric Miller, Stephen Bruner and Blake Thomas. The business was launched in 2011 with a single product uniquely designed to be inserted into a bottle of wine to keep the contents cold without the need for ice and has since expanded its branded product portfolio across several hydration categories. The brand has achieved significant growth over the past four years with the introduction of its premium insulated drinkware products. Corkcicle positions its product offering in a wide variety of colors and patterns as an extension of one’s personal style. The Company views its drinkware products as a fashion accessory rather than merely a basic functional item.
Corkcicle has been named to the Inc. 5000 fastest growing companies for the past two years and has twice been named a Red Dot Design Award recipient for its innovative product designs. The Company is rooted in social responsibility with a mission to provide consumers stylish alternatives to single use plastic products, which are proving to be detrimental to the environment. Corkcicle also has a strong charitable partnership with Charity: Water, whose mission is to end the global water crisis by providing clean and safe drinking water to people in developing nations.
Zimmerman Kiser & Sutcliffe P.A. acted as legal advisor to Corkcicle and DLA Piper LLP served as legal advisor to McCarthy Capital.
About Corkcicle
Corkcicle is a fast-growing, lifestyle consumer brand in the broader hydration space. The Company develops, markets and sells innovative branded consumer products across several categories, including premium insulated drinkware, barware, soft-coolers and more. For more information about Corkcicle, please visit www.corkcicle.com.
About McCarthy Capital
McCarthy Partners Management, LLC is a registered investment advisor that conducts business as McCarthy Capital. McCarthy Capital, headquartered in Omaha, NE, is focused exclusively on lower middle-market companies. For more than 30 years, the McCarthy organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. More information about McCarthy Capital can be obtained at www.mccarthycapital.com.