Dave Checketts: Wearing A New Role
October 30, 2023
Source: Sports Business Journal
Men’s activewear brand, Rhone, was founded by brothers Nate and Ben Checketts and brother-in-law Carras Holmstead in 2014. Within 24 months, the brand generated enough buzz to receive two very different offers – the first, to be 100% acquired by a well-known apparel line, and the second to take a minority investment from a private equity giant. The founders chose the latter, ultimately increasing revenue more than 12x over the firm’s five-year hold but struggling to hold on to the founders’ vision for Rhone. The Sports Business Journal article chronicles the Checketts’ buyout of private equity partner, L Catterton, through a special purpose vehicle led by Dave Checketts and filled out by an A-list of investors (including Kaulig Capital). As for the future, Rhone plans to launch a women’s line in Spring 2024, a direct challenge to competitor Lululemon.