Carbitex announces new principal investor, capital expansion
The company, which manufactures flexible carbon fiber composites for high-performance footwear, forecasts sales growth of 95% in 2021.
Carbitex (Kennewick, Wash., U.S.), a company that makes flexible carbon fiber/thermoplastic composites for high-performance footwear, announced on Feb. 2 that it has received new investments and capital expansion from its principal investors, including the recently added Excelsior Venture Capital investment group. The company says it experienced growth of 510% in 2020 and forecasts growth of another 95% in sales in 2021.
Carbitex says its products are currently incorporated in eleven footwear brands including adidas, DC Shoes and Scott Sports, and the company has increased its production 100-fold by investing in high-tech machinery that automates previously manual operations and rapid prototyping capabilities run by its highly skilled staff.
With the additional capital support, Carbitex plans to expand its business development and marketing, facilities and machinery to increase automation and capacity.
According to Carbitex, Excelsior Venture Capital launched its support of the company in late 2020, led by Ron Snyder, a partner in Excelsior and the former CEO of Crocs, makers of the popular clog-style resin footwear. Under his five-year helm at Crocs, Snyder led the company to go public in February 2006 to what was then the largest IPO (initial public offering) in the footwear industry. Following his departure from Crocs, Snyder went on to several private ventures, including founding Codigo 1530 tequila company with partners, Grammy Award winner George Strait, retired NHL star Brett Hull, and former NFL coach Mike Shanahan.
In addition to Excelsior, Carbitex reports its recent capital expansion is also supported by two prominent investors, Michael Marks and Gary Hammerslag.
Michael Marks, Carbitex says, has more than 40 years of experience co-founding capital investment companies, including his current role as founding managing partner at WRVI Capital, supporting the growth of emerging brands. Marks has been involved with Carbitex since spring of 2016, first as a partner with Paxion, before acquiring all its shares and contributing his own individual investments to become the largest independent shareholder in the composite materials brand. Marks brings his extensive experience in running multinational manufacturing companies including his previous role as CEO for 13 years and then Chairman of Flextronics, the second-largest electronic contract manufacturing firm in the world, as well as serving as both an investor and former board member of Crocs and Zappos.
Gary Hammerslag, the inventor of the BOA Fit System, began his career developing and producing medical devices across three successful ventures before launching BOA Technology in 1998 and serving as CEO and then Chairman of the Board for almost 23 years. Carbitex says its founder, Junus Khan, reached out to Hammerslag in December 2016, and Hammerslag immediately became a mentor to Khan and his vision before officially becoming an investor in late 2017. He now serves as a Board Observer for Carbitex.
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