Hyperlite Mountain Gear, the Biddeford-based manufacturer of high performance, lightweight backpacking gear and accessories, has raised $4 million from T-Street Capital, a growth equity firm out of Connecticut.
The company will use the funds to invest in capital expenditures, launch new products and grow its operations, according to CEO Mike St. Pierre.
The capital raise comes on the heels of a very successful 2020. Although the company laid off much of its production staff in early 2020 due to the pandemic-induced drop in demand for its products, the company rebounded with help from a Payroll Protection Program loan and a pivot to producing face masks. In addition, the company expanded its executive team, going from a CEO/CFO team to a five-person executive team by hiring a VP of Supply, VP of Sales & Marketing, and a Director of R&D.
“We welcome T-street’s successful experience and expertise in developing emerging consumer product brands,” said Will Manzer, chairman of Hyperlite’s board and former chairman of the Outdoor Industry Association. “T-street shares a passion for our brand and truly supports our strategy and vision for the future, and we look forward to a successful partnership as we continue to expand Hyperlite both domestically and internationally.”
St. Pierre, who co-founded the company with his brother in 2010, added: “This is a brand built on the idea that being in nature’s wild and quiet places has a transformational effect on people. If the past year has shown us anything, it’s that more and more people are experiencing that transformation, and they’re choosing us to take along on their journey.”
Hyperlite has been active in the Maine startup scene since its first capital raise in 2014. Maine Startups Insider covered the company’s $1.1 million capital raise in 2018, which included the Maine Venture Fund, CEI Ventures, several members of the Maine Angels, and the Telluride Venture Fund, an early-stage investment fund based in Colorado.
T-street is an independent investment firm whose primary mission is to partner with founders and management teams to support the growth and strategic development of small to mid-size businesses focused on emerging consumer product brands, according to a recent news release from the firm.
