Solo Brands, which sells branded fire pits, camp stoves, and other outdoor gear, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Solo Brands is a direct-to-consumer (DTC) platform that operates four premium outdoor lifestyle brands: Solo Stove, Oru Kayak, ISLE Paddle Boards, and Chubbies apparel. Its platform is led by its largest brand, Solo Stove. Its first product, the Solo Stove Lite, is an ultralight portable backpacking camp stove that can boil water in under 10 minutes using just twigs, sticks, and leaves. Solo Stove followed the Lite with the launch of its iconic stainless steel, virtually smokeless fire pits in 2016. Since launching its fire pit product, Solo Stove has grown at a 132% CAGR from 2016 through the twelve-month period ended June 30, 2021.
The Southlake, TX-based company was founded in 2011 and booked $254 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol DTC. Solo Brands filed confidentially on July 6, 2021. BofA Securities, J.P. Morgan, Jefferies, Citi, Credit Suisse, Piper Sandler, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
