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Generational Equity Advises IcyBreeze Cooling in its Acquisition by Solo Brands

By Generational Equity

IcyBreeze Cooling

We are pleased to share that Generational Equity client IcyBreeze Cooling (IcyBreeze) has been acquired by Solo Brands (Solo - NYSE: DTC). The acquisition closed on July 1, 2023.

Located in Sweetwater, Texas, IcyBreeze is the world's first and only true portable air-conditioning product, and the coldest blowing portable A/C unit that can be plugged into a wall, 12V car adapter, or run on a rechargeable lithium-ion battery, without the need for exhaust venting or condensation drain lines. The product also serves as a high-quality portable cooler.

IcyBreeze is the industry leader in manufacturing and Direct-to-Consumer (D2C) distribution of personal air conditioning and heat relief solutions. The Company’s products combine portable AC with an insulated cooler perfect for outdoor enthusiasts of all kinds, including camping, fishing, youth and adult sports, aviation, golf, tennis, boating, outdoor concerts and event venues, parents with infants and toddlers, pet pamperers, and more.

IcyBreeze is used worldwide by some of the largest organizations, including multiple branches of the US Armed Forces, Walt Disney World Resort, and Disneyland. The U.S. Open, Australian Open, Tennis Australia, The University of Oklahoma, University of Colorado, Tokyo 2020 Olympics, KISS, AC/DC, Def Leppard, Rascal Flatts, George Straight, and many more have purchased units to cool the biggest name athletes and live entertainment stars and performers.

Solo Brands (Solo), headquartered in Grapevine, Texas, develops and produces ingenious lifestyle products that help customers create lasting memories driven by excellent, distinctive, emotionally-resonant brands that are able to deliver simple and clear value to their customers in unique ways.

Through an omni-channel distribution model that leverages e-commerce, strategic wholesale relationships and physical retail stores, Solo Brands offers innovative products to consumers through four lifestyle brands – Solo Stove, known for its firepits, stoves, and accessories; Chubbies, a premium casual apparel and activewear brand; Oru Kayak, innovator of origami folding kayaks; and ISLE, maker of inflatable and hard paddle boards and accessories.

Solo believes in empowering these brands with best-in-class fulfillment and operations, best-in-class digital & technical expertise, and best-in-class customer service to drive the best experience for its customers.

Generational Equity Executive Managing Director of M&A – Central Region, Michael Goss, with the support of Vice President, M&A, Lance Thomasson, successfully worked to close the transaction. Senior Managing Director Doug Morrow established the original relationship with IcyBreeze.

“This transaction was the culmination of a vision and plan that we set out with John Brinkman to execute upon in August 2022, which led to the perfect pairing of Fire (Solo Stove) and Ice (IcyBreeze), two of the hottest, or coolest depending on which way you look at it, and most in-demand consumer products in the outdoor enthusiast space ever!” said Goss.

Goss added, “We are so excited to see IcyBreeze welcomed into the amazing and growing Solo Brands family and expect that this united force will continue to dominate U.S. and international markets into the future as they continue to expand and innovate their combined product portfolios.”

If you would like to explore other transactions our associates have supported in this industry, visit our dedicated Manufacturing & Fabrication M&A Deals page.

Carl Doerksen is the Director of Corporate Development at Generational Equity.

© 2023 Generational Equity, LLC All Rights Reserved

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Through the sale process, Generational brought in several interested buyers and we closed in about 6 months. I am so glad I accepted that invitation to the conference and could not be happier with the whole process. The team at Generational coupled with their knowledge and guidance was so valuable that in the end, I know I could never have done this on my own!
JoAnn Ellis, Owner of Fondren 5 Star Kennels
T.D., thank you so much! You are a great leader! I love how you are using your gifts and talents to better others. You are clearly a GREAT COACH! This 3 day session undoubtedly changed the future of our business, and very well may have been the sole catalyst to save my company, my health and my marriage! A genuine “thank you” from the bottom of my heart.
Bryan D. Horn, Owner, Over Under Clothing
The professionals at Generational Equity then helped develop a roadmap for enhancing the value of the firm and an evaluation report. This was completed by June 14, 2021. We then developed the Confidential Information Memorandum and put Taylor Studios, Inc. on the market by July.
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Betty L. Brennan, President, Taylor Studios
I am pleased that I was able to work with Andrew Byrd throughout this experience. From the first meeting we had in Minneapolis I felt that I was in good hands. His knowledge and expertise is second to none. He guided the process consistently throughout. I feel lucky that I was pared with Andrew and could not be happier that I chose Generational Equity to handle this major life event. Thank you Andrew and GenEq for everything!
Eric Erlandson, Owner, Action Fastenings, Inc.
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Robert Evans, President and CEO of Mealtracker Dietary Software
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Salvo Stoch, Founder and CEO of Sleeping Partners
We had the pleasure of working with Mr. Ahmad Behjati Managing Director, M&A, for Generational Equity during our acquisition of Papa's Dodge in late 2021. Generational Equity and Mr. Behjati represented and marketed Papa’s Dodge. As our primary contact, Mr. Behjati was professional in every facet of this acquisition process, conveying valuable advice most times and assisting us in every step of the process.
Rick Greene of Dobbs Equity Partners LLC
Your wisdom and experience were invaluable to me during this once-in-a-lifetime transaction.
Ralph Noblin, President of Noblin & Associates
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Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
The help you provided us during each step of this process made us feel very comfortable and confident we were selecting the right approach to transition our Company.
Andy Graham, Vice President, Modern Heating & Plumbing
I decided to attend the conference and hopefully receive some guidance on how to structure an exit plan of my business. Upon arriving at the conference, I was so impressed with the presentation given by Generational Equity that I set a future appointment that week to discuss the possibility of selling my business with their Senior Managing Director David Robinson.
JoAnn Ellis, Owner of Fondren 5 Star Kennels
We were represented by Michael Goss with Generational. The due diligence was grueling and exhausting, but Michael propped us up and kept us motivated throughout the process. Debi and I continued to ask each other how we could possibly make it through this process without the assistance of Michael. Michael's professionalism and knowledge is absolutely amazing, and we are so blessed to have had him by our side as we made our future dreams come true.
Bob and Debi Lee, Owners of BL Technology, Inc and BL Tl Services, LLC
I quickly recognized that Don was working for Sharpe Mixers above all else, and held our interests above others.
Jay Dinnison, Owner of Sharpe Mixers
We were happy to see the interest in our company and what we cherished has not just a valuable company but an important company to the communities we served in.
Larry Moore, Owner, A Company Portable Restrooms
Michael worked tirelessly, He followed every lead meticulously and urgently to make sure nothing was missed.
Robert Evans, President and CEO of Mealtracker Dietary Software
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Jay Dinnison, Owner of Sharpe Mixers
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Bil MacLeslie, CEO, ipHouse
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Terry D. Wickman, President, Keytroller
We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.
Rick Nowak, President/CEO, Kurz Electric Solutions, Inc.
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We knew it would be a difficult task to have someone really understand our business and our market, prior to researching a possible buyer, so it was imperative that we found someone of your caliber, with definite proven experience in this area.
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I need to say an immense thank you to Don Ho for his stellar work ethic, attention to detail, and tireless effort. Also thank you to the whole crew at GE! Without you, Don could not do such a phenomenal job. We were shooting for closing and funding before the end of 2020, due to the uncertainty of the political landscape and taxes. I am happy to report we closed last week and will be funding tomorrow.
Dr. Caty J. Catron PhD, RN, VA-BC – Owner, Vic The Picc, LLC
I wanted to write you a quick letter to express our appreciation and our delight on the outcome of helping us through the process of our recent sale. We are very happy with the end result, and are very happy to be able to move forward with all of our future growth plans.
Terry D. Wickman, President, Keytroller
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Tom Currier, Former President & CEO, Rackmount Solutions
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Larry Moore, Owner, A Company Portable Restrooms
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Bil MacLeslie, CEO, ipHouse
After attending a conference with GE, I decided that the value they bring would be worth the expense and as soon as I started working with them, I realized that was the right decision. When we started to get LOIs, Fred Zweifel took the lead on the communication and supported negotiations throughout the process, which got tricky as we moved forward. I learned that it can be common for companies to make a great offer then work to erode that price with their discoveries, but Fred and the GE team kept that from happening.
Caroline Connelly, CEO, OptoTest