This is a story about how PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) helped Fair Harbor, a sustainable apparel company, get their first ever capital growth investment.
Chapter 1 Setting the scene
Fair Harbor was founded in 2014 with the mission to create ultra-comfortable beachwear out of recycled plastic bottles pulled directly from the ocean. To date, the company has transformed more than 26 million plastic bottles into stylish, durable products that can be worn all day long. At the core of Fair Harbor is its customer first ethos and commitment to sustainability. All products are made from up-cycled plastics pulled from the oceans, solving an important environmental issue.
Since being founded, Fair Harbor has experienced rapid growth, and its product offering has extended beyond traditional swim shorts to include shirts, hoodies, henleys and other accessories. The Company experienced a CAGR of 315.2% from 2019 to 2021, with revenue amounting to nearly $40M in 2021. Prior to receiving growth capital from Broad Sky Partners (BSP), the company had managed to run their business with no outside funding, while operating profitably.
Chapter 2 How we helped
The PwC Corporate Finance team was ultimately selected to serve as the company’s exclusive financial advisor given our extensive experience in men’s apparel industry and deep relationships with the relevant investor community.
PwC Corporate Finance was with Fair Harbor from the beginning, starting with identifying the right investors, to closing the transaction. Our team helped by articulating the company's growth strategy and forecast and with investor selection. Identifying the right one that shared Fair Harbor's commitment to ESG was of utmost importance to the Company. Broad Sky Partners delivers exactly that.
“We really enjoyed working with Trip and the full PwC Corporate Finance team. They have a great understanding of what is going on in the space, and provided incredible support. They helped us navigate the different intricacies that come with a large fundraise and provided very helpful support and guidance throughout the entirety of the process. Overall, they are really good people and hardworking. As a founder-led business, I would definitely recommend Trip and his team.”
Chapter 3 Making a Difference
After a competitive process, BSP was selected as the investor. Their reputation and track record of successfully growing middle market consumer businesses with a strong commitment to ESG initiatives made them the right choice.
Fair Harbor plans to use the investment from BSP to fuel its expansion into new product lines, retail channels and sustainability initiatives. To date, the vast majority of the company’s sales have been direct-to-consumer. Fair Harbor will leverage its newly raised funds and partnership to pursue a more robust omnichannel strategy.
They continue to clean up the oceans, while providing comfortable clothing for you to enjoy at your favorite beach.
The Fair Harbor transaction is another example of how PwC Corporate Finance successfully supports hyper growth Direct to Consumer businesses with their M&A and financing needs.
*Testimonials may not be representative of the experience of other customers. Testimonials are no guarantee of future performance or success.
PricewaterhouseCoopers Corporate Finance LLC (“PwC Corporate Finance”) is owned by PricewaterhouseCoopers LLP, a member firm of the PricewaterhouseCoopers Network, and is a member of FINRA and SIPC. PwC Corporate Finance is not engaged in the practice of public accountancy.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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