Private equity firm Brand Velocity Partners, which has focused on adding brand marketing to support the growth of consumer-related companies, acquired marine grill and cookware manufacturer Magma Products. Magma joins Original Footwear Company as the first two companies positioned in the marketing space.
BVP partners include private equity veterans Austin Ramos and Steve Lebowitz, and marketing principals Drew Sheinman and Larry Rothstein. The partners, along with Rothstein’s ad and marketing firm, Source Communications, are nationally recognized for having designed and activated consumer-facing programs and ventures for such companies as Coca-Cola, Major League Baseball and Subway, according to the company.
“We are thrilled to be able to apply BVP’s differential — its marketing and merchandising expertise — to this industry leader,” Sheinman said in a statement. “The luxury market is often underserved by marketers, and we think there is extraordinary potential in marketing Magma’s grills and cookware to a broader audience.”
“Magma’s reputation for producing the highest quality products within our category will be enhanced by our relationship with Brand Velocity Partners,” said Chris de Recat, Magma CEO. “Leveraging BVP’s brand marketing expertise, we will be introducing new products to new segments in the months ahead.”