Norwest buys E-Z UP, the brand that invented the pop-up canopy

What's the deal? Norwest Equity Partners (NEP)Dealroom has a profile for this one. Try Dealroom →, a middle-market investment firm, has acquired International E-Z UPDealroom has a profile for this one. Try Dealroom →, the original brand of pop-up canopy tents, from Beach Point CapitalDealroom has a profile for this one. Try Dealroom →. Financial terms were not disclosed.

What does E-Z UP do? The company invented the portable pop-up canopy in a Southern California garage in 1983 and has spent four decades building the category. It designs and manufactures instant shelters, canopy tents, tables, flags, banners, and accessories, backed by nearly 100 patents.

Why NEP wants it: E-Z UP is sold in over 60 countries and counts Fortune 500 companies among its customers. It handles customization and fabric finishing in-house at its 135,000-square-foot Norco, California, headquarters and sells across four channels: B2B, Industrial, Outdoor Recreation, and International.

What's the endgame? Management plans to grow the B2B business both organically and through acquisitions. "We share a clear vision for further investing in our B2B business," said chief executive officer Eric Hernandez, adding that the company aims "to further expand products and capabilities over time."

Why NEP? The firm brings experience from similar industrial and specialty distribution deals, including MDC Interior SolutionsDealroom has a profile for this one. Try Dealroom →, Momentum GroupDealroom has a profile for this one. Try Dealroom →, and Stanton CarpetDealroom has a profile for this one. Try Dealroom →. Partner Tony Armand cited E-Z UP's "custom printing, asset light manufacturing, and diversified channel mix" and "a level of customer loyalty and brand recognition that is rare in a market this fragmented."

The signal: Private equity continues to hunt for category-defining brands in fragmented, niche markets where a legacy name and in-house manufacturing offer a defensible position. E-Z UP fits the profile: a 40-year-old brand with pricing power and room to consolidate rivals.

Read more: finance.minyanville.com

Image credit: Generated with Gemini