SEATTLE--(BUSINESS WIRE)--Endeavour Capital has announced an investment by Endeavour Capital Fund VII in Pacific Market International LLC, a Seattle-based global leader in the design, manufacture and marketing of innovative food and beverage container solutions. Proceeds from the Endeavour investment were used in part to fund PMI’s announced acquisition of Formation Brands LLC, headquartered in South San Francisco, California. Terms of the Endeavour investment in PMI and the PMI acquisition of Formation were not disclosed.
“We have followed PMI for many years and have worked to find ways to partner with the company and Rob Harris, its Founder and CEO,” said Endeavour Managing Director Stephen Babson. “The combination of PMI and Formation was the right opportunity, and we look forward to helping build an already great company.”
“We are pleased to become a partner with Endeavour and to further broaden PMI’s global profile through access to additional growth capital and strategic resources,” said Harris. “Formation has a long-standing record of delivering high-value, on-trend specialty and beverage houseware products, and the combination of PMI and Formation will further diversify PMI’s product line and customer base.”
With its investment, Endeavour joins Harris and Seattle-based Joshua Green Corporation as principal owners of PMI. Endeavour Managing Directors Babson and Bradaigh Wagner will join the PMI Board.
“We believe the PMI-Formation combination is a dynamic and strategic fit for both companies,” said Wagner. “PMI expects to bring value to Formation’s customers by providing them access to PMI’s Stanley, Aladdin and Migo brands and its innovative product development. Formation’s expertise in the private label and gifting markets ― together with its design talent, efficient sell-through process and competencies in ceramics ―should enhance PMI’s brands and provide access to new channels.”
“Both PMI and Formation strive to provide product innovation that excites, entertains and inspires the consumer,” said Mark Towery, President and Co-Founder of Formation. “Today’s announcement is a continuation of both our companies’ visions. We couldn’t think of a better partner for our future than PMI.”
PMI was advised in the Endeavour investment transaction by Robert W. Baird & Co., and Formation was represented in its sale to PMI by Seattle-based Cascadia Capital.
About Endeavour
Endeavour was founded in 1991 to be a
resident source of capital and long-term partner to leading Western
U.S.-based businesses. Endeavour recently closed its seventh equity
fund, with $775 million in committed capital, and has offices in
Seattle, Portland, Los Angeles and Denver. Current Endeavour portfolio
companies in the Pacific Northwest include Alpha Media, Genesis
Financial Solutions, Metropolitan Market, New Seasons Market, ProKarma,
USNR, Vigor Industrial, Zoom+ and ESCO.
About PMI
Founded in 1983 by Rob Harris and guided by
principles of sustainability, community and integrity, PMI designs,
manufactures and markets innovative food and beverage container
solutions under three brands. Their two most recognizable brands, Stanley
and Aladdin,
are both over 100 years old and sold globally. Migo
was founded in 1999 and is rapidly growing in the Asia Pacific region.
PMI also creates private label products for select global retailers.
Headquartered in Seattle, PMI has offices in Bentonville, Shanghai,
Amsterdam, Manila, Rio de Janeiro and, as a result of the Formation
acquisition, San Francisco, Shenzhen, and Hong Kong. Additionally, PMI
has ownership in three manufacturing facilities, one in China and two in
Brazil.
About Formation Brands
Formed in 1994 by Mark Towery and
Leslie Miller, Formation develops and markets trend-forward, everyday
beverage and specialty gift housewares including tableware, barware and
accessories to national and independent retailers. With a unique
design-to-delivery approach, Formation provides innovative merchandise
solutions and a streamlined delivery process for high-performing
products from market research, product design and development,
prototyping and production, safety testing and quality control, to
warehousing and delivery.
