The transaction was led by H.I.G Growth Partners (H.I.G. Growth), and included participation from prior investors, Fairhaven Capital and MILCOM Venture Partners. The transaction closed on November 29, 2012. Houlihan Lokey served as exclusive placement agent to Cocona and assisted in structuring and negotiating the transaction on its behalf.

Cocona was founded in 2001 and is headquartered in Boulder, Colo. A rapidly growing materials technology company and performance ingredient brand, Cocona has developed substantial patented technology and products that enhance the performance characteristics (mainly breathability and drying rates) of outdoor athletic apparel. The company is currently targeting the $120 billion global sports apparel and footwear market, where it is rapidly becoming a “must have” ingredient brand for leading performance apparel brands such as The North Face, Under Armour, Eddie Bauer, Adidas, Harley Davidson, and Pearl Izumi. In September 2012, Cocona worked closely with The North Face to successfully launch its high-end FlashDry™ outdoor apparel line powered by Cocona’s active particle technology. Cocona’s active particle technology also has extensive commercial applications outside of the outdoor active apparel marketplace, representing significant growth opportunities for the company.

Cocona will use the new investment to accelerate the marketing of the Cocona© brand directly to consumers across multiple retail and other channels, co-operative advertising campaigns with customer partners, development of new technologies and products, and general working capital purposes.

Houlihan Lokey is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm serves corporations, institutions, and governments worldwide with offices in the United States, Europe, and Asia. Independent advice and intellectual rigor are hallmarks of our commitment to client success across our advisory services. Houlihan Lokey is ranked globally as the No. 1 restructuring advisor, the No. 1 M&A fairness opinion advisor over the past 10 years, and the No. 1 M&A advisor for U.S. transactions under $1 billion, according to Thomson Reuters.

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