Shock Doctor
Background
Founded in 1989, Shock Doctor established itself as the global leader in mouthguard technology and a key innovator in sports protection products. By 2008, the company had built a strong reputation among athletes, from youth to professionals, across sports such as hockey, football, soccer, and martial arts.
In 2003, Hillcrest Capital Partners became an early investor and in 2008 sold a majority stage to Norwest Equity Partners, with management retaining the remaining equity. The deal, valued at an undisclosed amount, was driven by NEP’s recognition of Shock Doctor’s strong brand, loyal customer base, and untapped growth potential in the performance and protective equipment market.
At this inflection point in the business, NEP wanted to bring in a professional CEO and partnered with Craig Randall to lead the search. Craig recruited Tony Armand out of Bravo Sports, a consumer company backed by Swander Pace. Tony Armand stepped into the role in 2010 and his leadership was instrumental in setting the foundation for the next stage of growth. Following Armand’s placement, Randall continued the partnership and built out key executive hires that were pivotal for the company’s growth.
Over the six-year investment period (2008–2014), NEP’s strategic interventions yielded significant results for Shock Doctor:
Market Expansion: The company successfully entered new categories, including action sports and tactical gear for military and police departments; capitalizing on trends like the growing popularity of mixed martial arts and the Ultimate Fighting Championship (UFC).
Operational Improvements: NEP’s focus on operational efficiency helped Shock Doctor optimize its cost structure and enhance its omni-channel distribution model, strengthening partnerships with retailers and e-commerce platforms.
Workforce Growth: The company doubled its number of employees, reflecting its expanded operations and increased market demand.
Successful Exit: In March 2014, NEP sold Shock Doctor to Bregal Partners, a New York-based private equity firm, at a significant return on investment. The exit marked the culmination of NEP’s strategy to build Shock Doctor into a more robust and diversified platform, positioning it for further growth under new ownership.
This case study also underscores NEP’s ongoing commitment to the sporting goods industry, as evidenced by its reacquisition of United Sports Brands (Shock Doctor’s parent company) in 2023, further demonstrating the firm’s confidence in the sector’s potential and its ability to drive sustained growth.