Igloo Completes Cool Gear Acquisition, Names New President
January 12, 2015,
WASHINGTON-Igloo Products Corp. said it has completed the purchase of Cool Gear International and that Mark Parrish has been hired as Igloo's new president.
Parrish succeeds Gary Kiedaisch, who is stepping down from day-to-day management. Kiedaisch will remain an investor in the company.
Igloo acquired Cool Gear from RAF Industries, which along with Cool Gear's founders--Donna and Hank Roth--will remain shareholders in the combined company. Terms of the Cool Gear transaction were not disclosed.
"It speaks volumes about the combined company's opportunity that we have been able to attract an executive as skilled as Mark Parrish and that Donna, Hank and Mark have agreed to join our board," said Aron Schwartz, managing partner of ACON Investments, the private equity firm that owns Igloo. "Mark has an accomplished record of leading organizational transformations of U.S.-based manufacturers. His contributions have yielded tremendous results with other well-known consumer brands like Harley-Davidson and Simmons."
Parrish said, "Much like Harley-Davidson and Simmons, Igloo is an iconic brand that is an essential part of America's proud manufacturing legacy. I look forward to the challenge of leveraging Igloo's market leading position, committed associates and state-of-the-art Katy, Texas factory to launch exciting new products and continue delivering the superior customer service our channel partners have come to expect."
"Igloo brings fresh capital, broader distribution and other resources to Cool Gear, which will help us continue to penetrate new markets and categories with product extensions and additional innovations. We are very excited about this new partnership with Igloo and the benefits it will bring to our valued trade partners," said Donna Roth.