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(Head Rush Technologies Photo)

Pike Street Capital Partners, a new Seattle-based private equity firm, today announced that it took a majority ownership stake in Boulder, Colo.-based adventure equipment maker Head Rush Technologies. Terms of the deal were not disclosed.

Founded in 2012 by John McGowan and Steve Holmes, Head Rush sells devices such as belays and brakes for climbing, zip lining, and free fall adventures in around 100 countries worldwide. The company has 40 employees, according to LinkedIn. McGowan will remain CEO while Holmes will transition out of day-to-day operations and lead strategic projects.

Pike Street plans to invest “significantly” to accelerate the company’s product roadmap.

“This investment is about taking an already great company to the next level and delivering a thrilling adventure experience to a broader audience,” Ed Whatley, managing partner at Pike Street Capital, said in a statement.

Pike Street launched last year and is focused on growth buyouts of profitable B2B industrial technology companies in the lower middle market that have annual revenues of $10 to $100 million. It seeks majority ownership positions in its portfolio companies.

In December, Pike Street made its first acquisition, swooping up Seattle-area medical testing company US BioTek.

Pike Street is run by three founding partners:

  • Dave Dandel, who was previously a partner at Evergreen Pacific Partners and has experience at other firms such as D.A. Davidson, Piper Jaffray, and Key Bank’s Investment Banking Group.
  • Paul Caragher, former CEO of Radiant Zemax, a light measurement company that formed after an Evergreen Pacific Partners deal. He also held several leadership positions at Danaher.
  • Edward Whatley, another former partner at Evergreen Pacific Partners. Whatley was previously an investment banker in New York with Credit Suisse and CIBC World Markets.

Pike Street is still raising its first fund. It issued an SEC filing this past November that revealed a total offering amount of $200 million for the fund.

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