Bedrock Manufacturing Company Secures New Multimillion-dollar Investment
DETROIT, Nov. 28, 2018 /PRNewswire/ -- Bedrock Manufacturing Company, the parent company of Shinola, Filson, and Bedrock Watch Co., announced today that it has received a multimillion-dollar investment from a new partner, Qatar Investment Authority ("QIA").
This follows recent investments from a core group of business leaders and organizations, including Dan Gilbert's Rock Ventures, the Kresge Foundation, and Revolution Growth. Their support will enhance Bedrock Manufacturing's ability to aggressively build businesses that are predicated on building powerful brands and products as well as creating world class jobs in America.
"We are excited to welcome QIA as our newest partner and are grateful to our other investors who have supported us throughout the years," said Tom Kartsotis, Founder of Bedrock Manufacturing Company. "The multitude of opportunities that the Filson, Shinola, and Bedrock Watch Co. brands present on a daily basis are unique."
"Qatar Investment Authority is very pleased to have the opportunity to invest in Bedrock, further reinforcing our strategy of increased U.S. investment," said a spokesperson for QIA. "Tom and his team are building a great company - one that not only has strong brands and products, but also one that is making a positive impact in American cities, such as Detroit. We look forward to partnering with Bedrock, and its existing investors, to enhance the Company's future development."
Allen & Company and CoveView Advisors LLC served as financial advisors to Bedrock on the transactions.
ABOUT SHINOLA
Detroit-based Shinola is a luxury design brand with an unwavering commitment to crafting products that are built to last—from timepieces to leather goods, jewelry to audio. Founded in 2011, the company operates an in-house watch and leather factory on the fifth floor of the historic Argonaut Building, where its team of artisans hand assembles luxury timepieces and crafts premium leather straps. Through skilled training, Shinola creates opportunities for its team members and supports the local workforce by partnering with legacy companies across the country to manufacture specialty items. With quality at its foundation, Shinola celebrates thoughtful design and the beauty of industry through every product it makes.
ABOUT FILSON
Established in Seattle in 1897 to outfit prospectors headed for the Yukon, the company's 120-year legacy is built upon its reputation for honesty, quality and durability. Filson's long-lasting gear is the choice of explorers, adventurers, ranchers, hunters, anglers, engineers and anyone with a passion for the outdoors. Over a century after its founding, the Filson headquarters remain in Seattle, Washington.
ABOUT QATAR INVESTMENT AUTHORITY
Qatar Investment Authority ("QIA") is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to strengthen the country's economy by diversifying into new asset classes. Building on the heritage of Qatar investments dating back more than three decades, its growing portfolio of long-term investments help complement the state's huge wealth in natural resources.
Headquartered in Doha, and with a subsidiary in New York (QIA Advisory), QIA is structured to operate at the very highest levels of global investing. As a world class investor, QIA adheres to the strictest financial and commercial disciplines.
SOURCE Bedrock Manufacturing Company
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