H.I.G. Growth Partners Completes Sale of Scuf Gaming
BOSTON – March 3, 2020 – H.I.G. Growth Partners (“H.I.G.”), the dedicated growth capital investment affiliate of H.I.G. Capital, is pleased to announce that it has completed the sale of its portfolio company, Scuf Gaming (“SCUF” or the “Company”) to Corsair Components, Inc. SCUF is the leading designer, manufacturer, and e-commerce platform for sales of advanced feature, customized gaming controllers and accessories for use on PlayStation, Xbox and PC.
Headquartered outside Atlanta, Georgia, SCUF created the high-performance, customized console controller category by challenging and redefining the way gamers use their hands. Inventing many features to increase hand-use, improve controller ergonomics and enhance performance, SCUF is about improving the user experience. Since its founding in 2011, SCUF has brought numerous innovations to the gaming and esports market and has 103 patents with another 55 pending. The Company’s controllers and accessories are best-in-class, with 90% of professional gamers using SCUF products in major console esports tournaments, which has helped SCUF build a tremendous social following.
H.I.G. recapitalized SCUF in December of 2016 in partnership with Duncan Ironmonger, SCUF’s founder and CEO. During H.I.G.’s investment period, SCUF experienced significant growth and expanded its leadership position in the esports and casual gaming controller market. H.I.G. was able to help support the business’ trajectory through further investment in SCUF’s management team and organization, re-platforming e-commerce operations, optimizing digital marketing initiatives, and advising on the expansion of the SCUF product portfolio.
“We are proud of the successful partnership we were able to establish with SCUF including the active role H.I.G. played in supporting SCUF’s organic growth initiatives,” commented H.I.G. Growth Partners Managing Director John Kim. “SCUF’s strong growth during our investment period helped drive an outstanding outcome for all shareholders, and we are confident that the Company will continue to enjoy long-term success,” added H.I.G. Growth Partners Managing Director Evan Karp.
“In late 2016, SCUF went through a rigorous process to select the right strategic private equity partner. Three years later, I can happily say that our decision to partner with H.I.G. Growth Partners was the right decision. From the outset, Evan, John, and the rest of the H.I.G. team helped us grow and mature SCUF in a meaningful way by not only investing in the business, but also advising on aspects of operations, finance, and strategy. Their experience proved a great sounding board for me and my management team, and I am grateful for the experiences and successes we shared,” commented Duncan Ironmonger.
H.I.G. continues to target high-growth investments in the consumer and technology sectors. In 2019, H.I.G. completed investments in MX Technologies, a leading data platform for banks, credit unions and fintech companies; Passport Labs, a mobility management platform; and Invoca, an AI-powered call tracking and analytics platform.
About H.I.G. Growth Partners
H.I.G. Growth Partners is the dedicated growth capital investment affiliate of H.I.G. Capital, a leading global private equity investment firm with over $35 billion of equity capital under management.* H.I.G. Growth seeks to make both majority and minority investments in strong, growth-oriented businesses located throughout North America, Europe and Latin America. H.I.G. Growth Partners considers investments across all industries but focuses on certain high-growth sectors where it has extensive in-house expertise such as technology, healthcare, internet and media, consumer products and technology-enabled financial and business services. H.I.G. Growth strives to work closely with its management teams to serve as an experienced resource, providing broad-based strategic, operational, recruiting, and financial management services from a vast in-house team and a substantial network of third-party relationships. For more information, please refer to the H.I.G. website at www.HIGgrowth.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.