Southlake-based Solo Brands Inc., a maker of fire pits, grills and other outdoor lifestyle products, is seeking to go public in an initial stock offering filed Monday.
The company stated a listing size of $100 million, a placeholder amount that will likely change. Solo Brands is seeking a valuation of more than $1 billion in the listing, Bloomberg News reported in July.
The company counts Summit Partners and Jan Brother Holdings Inc. among its largest shareholders, the filing showed. The company was founded in 2011 by two brothers.
The direct-to-consumer company started as Solo Stove, a maker and seller of easy-to-use fire pits and camp stoves for the outdoors crowd. Two other grill makers — Traeger Inc. and Weber Inc. — went public this year.
With three subsequent acquisitions, Solo Stove became Solo Brands, bringing its signature product together with Chubbies Shorts, Oru Kayak and paddleboard maker Isle. The four products had combined sales of $225 million in the first six months of fiscal 2021, according to the IPO filing.
“We created Solo Brands with a vision for a different approach to direct-to-consumer business — one that’s not only better for the customer, but better for the community at-large,” CEO John Merris said in a statement when the company announced the Chubbies acquisition.
“Each of these brands is amazing in its own individual way — but together we’ll be able to collectively offer a better customer journey — while doing more for the communities that built us,” he said.
Bank of America Corp., JPMorgan Chase & Co. and Jefferies Financial Group Inc. are leading the offering. Solo Brands plans to list on the New York Stock Exchange under the symbol DTC.