Coolibar Secures $1.5 Million in New Financing
Sun-protective clothing company, recommended by The Skin Cancer Foundation, leads a market driven to rapid growth by increasing consumer awareness of melanoma, other skin cancers.
Minneapolis, MN (PRWEB via PR Web
Direct) June 13, 2005 –– Coolibar Inc., (http://www.coolibar.com) a leading manufacturer and marketer
of quality sun-protective clothing, today announced it has secured $1.5 million
in financing led by new investors LFE Capital and co-investor AAVIN Equity
Partners. In total, Coolibar has raised more than $3.5 million since its
founding by Australian businessman John Barrow.
Since its introduction in
2001, Coolibar's specially designed clothing has provided a simple foundation
for guaranteed protection from the sun's harmful ultraviolet (UVA, UVB)
rays.
"As awareness of melanoma and other skin cancers has increased,
Coolibar has demonstrated its ability to execute and rapidly grow while
maintaining its high standards for product quality and customer satisfaction,"
said Ron Leaf, Chief Investment Officer for LFE.
"With a strong,
experienced management team, Coolibar is a leader in the market for
sun-protective clothing and is well-positioned for long-term growth," said Thies
Kolln, Associate Partner for AAVIN.
Leaf and Kolln will join Coolibar's
board of directors. At the same time, Donna Avery, formerly chief executive
officer (CEO) of Rivertown Trading, will join Coolibar's board of directors.
Avery brings significant direct marketing experience to Coolibar, having founded
and grown the country's 50th largest catalog company with revenues of
approximately $200 million. Rivertown was purchased by Dayton Hudson Corporation
in 1998 and became Target Direct.
The LFE/AAVIN investment will fuel
additional product development and sales and marketing activities to meet
growing demand for Coolibar's sun-protective products.
"With Coolibar's
expanding base of satisfied customers and enthusiastic advocates, this
investment will help our company strengthen its leadership position in this
rapidly growing market," said Barrow, founder and President of Coolibar.
"Seniors, baby boomers, parents and other sun-sensitive people are looking for
more reliable sun protection. Like the Australians, Americans are quickly
learning that specialized clothing is a simple and easy way to guarantee sun
protection.”
Clothing is a simple sun protection tool as it provides a
physical block that doesn't wash or wear off and can shade the skin from both
UVA and UVB rays. Coolibar's clothing blocks 97% or more of UV rays, providing
an ultraviolet protection factor (UPF) of 30 or greater, and offers more
effective skin protection from sun damage than standard attire.
Demonstrating the company's ongoing commitment to quality, Coolibar
continues to be the only company to receive The Skin Cancer Foundation's Seal of
Recommendation for sun-protective clothing. The Skin Cancer Foundation is an
independent non-profit organization dedicated solely to the prevention and
detection of the world's most common cancer.
About Skin Cancer
More
than 1.3 million people each year are diagnosed with skin cancer. Skin cancer is
the most common type of cancer in the United States; in 2005, an estimated
10,000 people will die of skin cancer. According to the American Cancer Society,
80% of skin cancers could be prevented by adequately protecting skin from the
sun's rays.
About Coolibar
Coolibar was founded in 2001 to bring
Australia's world-leading approaches to sun protection to the American market.
The company has extensively redesigned Australian sun protective clothing styles
to meet the tastes and needs of fashion- and health-conscious Americans.
Coolibar's specially designed clothing is a simple foundation for guaranteed
protection from the sun's harmful ultraviolet rays. For information about
Coolibar, go to www.coolibar.com or call 1-800-926-6509.
About LFE
Capital
LFE Capital, http://www.lfecapital.com, is a private equity management firm
providing growth capital for smaller middle-market companies located primarily
in the Midwest. The LFE team works closely with operating management on business
strategy, resource planning, financial structuring, and transactions. A special
focus of LFE Capital is businesses targeting female consumers, particularly in
the health sector.
About AAVIN
AAVIN, http://www.aavin.com, is a Mid America based private equity
firm with investment capital of $47 million. Founded in 1999, AAVIN invests in
high-growth opportunities, management buyouts and certain recapitalization
transactions, primarily in the Mid-America region of the United States. AAVIN is
a licensed Small Business Investment Company.
Contact:
Rob Davis
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Molly Gaines
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612.338.3900
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Source : http://www.prweb.com/releases/2005/6/prweb250845.htm