Brooklinen Announces New Investment from Freeman Spogli & Co.
BROOKLYN, N.Y., June 30, 2021 /PRNewswire/ -- Brooklinen, Inc., a leading direct-to-consumer brand in the home essentials category, today announced that it has secured an investment from Freeman Spogli & Co. The partnership will help support Brooklinen's continued growth of its direct-to-consumer ecommerce business and accelerate the expansion of its retail and wholesale branches. Existing investor Summit Partners will continue to support the company's growth. Specific terms of the transaction were not disclosed.
Founded in 2014 and headquartered in Brooklyn, New York, Brooklinen has successfully disrupted the overpriced and overcomplicated bedding industry by offering luxury sheets and home goods at a reasonable price. In 2018, Brooklinen expanded its product line beyond the bedroom to include bath, loungewear, accessories and Spaces, its home goods marketplace.
"We are excited to partner with Freeman Spogli and to continue our partnership with Summit as Brooklinen rapidly grows," said Rich Fulop, co-founder and CEO of Brooklinen. "This year we've doubled down on our commitment to provide comfort to our customers, and this investment will help us continue to reach them both online and in-person through our expanding retail fleet."
"Rich and the rest of the team have done a remarkable job building Brooklinen into a leading direct-to-consumer brand focused on providing accessible luxury bed and bath products to a diverse set of customers," said Ben Geiger, a Partner at Freeman Spogli. "Brooklinen's unique value proposition has resulted in strong growth, impressive profitability and brand loyalty. We are thrilled to partner with the Brooklinen team and look forward to leveraging our extensive experience with consumer growth concepts to help the business successfully execute upon its future growth and operating initiatives."
Summit Partners, which invested in Brooklinen in early 2020, will retain an equity stake in the company. "The Summit team has worked closely with Brooklinen to build the team and infrastructure and has helped position the company for continued growth. Summit Partners is an experienced, like-minded investor, and we are excited to be partnering with Chris Dean and the team at Summit on this investment going forward," added Jordan Hathaway, a Partner at Freeman Spogli.
Moelis & Company LLC acted as exclusive financial advisor and exclusive placement agent to Brooklinen. Lowenstein Sandler LLP provided legal counsel to the company, Kirkland & Ellis LLP provided legal counsel to Summit Partners, and Morgan, Lewis & Bockius LLP provided legal counsel to Freeman Spogli.
About Brooklinen
Launched in 2014, Brooklinen has established itself as the leading e-commerce disrupter of the overpriced and overcomplicated home essentials industry, offering global customers a curated collection of stylish, luxury-grade linens at an accessible price point. Based in Brooklyn, New York, the brand was founded on the philosophy that people deserve simple, beautiful home essentials without the luxury markup. By cutting out the middleman, Brooklinen manufactures responsibly and efficiently to offer exquisite design and exceptional savings, bringing effortless, affordable luxury to any home. Expanding beyond the bedroom in 2018, Brooklinen introduced bath goods and loungewear to bring its signature soft goods experience into more rooms throughout the home and beyond. In 2020, Brooklinen opened its first retail location in Brooklyn, NY. For additional information, visit www.brooklinen.com.
About Freeman Spogli
Freeman Spogli & Co. is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $5.1 billion in 66 portfolio companies with an aggregate transaction value of over $25 billion, and is currently making investments from FS Equity Partners VIII, L.P. Freeman Spogli has offices in Los Angeles and New York. For additional information, visit www.freemanspogli.com.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $28 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 500 companies in technology, healthcare, consumer and other growth industries. Summit has partnered with more than two dozen companies across the e-commerce and consumer landscape, including a.k.a. Brands, Club Champion, Quay Eyewear, Reverb.com, Sezane, Solo Stove and onXmaps. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, visit www.summitpartners.com or follow on LinkedIn.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
SOURCE Brooklinen
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