Key Takeaways
- • Boyne Capital led a coinvested transaction in Local Boy Outfitters alongside Sisu Equity and Consumer Growth Partners, with founder-CEO David Faulkenberry retaining shareholder status post-investment.
- • Local Boy, founded in 2012 and headquartered in Columbia, South Carolina, specializes in outdoor recreation and Southern lifestyle apparel sold through specialty retailers and direct-to-consumer channels, targeting fishing, hunting, and boating enthusiasts.
- • The company demonstrated exceptional growth momentum beginning in 2020, with multiple consecutive years of revenue doubling before hiring COO Luis de la Mata in 2022, positioning it within Boyne's lower middle-market investment thesis (sub-$100M revenue, $3M–$15M EBITDA).
- • Boyne Capital closed its Fund III at its $400 million hard cap (exceeding the $275 million target within 90 days of launch), providing the capital deployment vehicle for this consumer products investment aligned with the firm's sector focus on healthcare services, manufacturing, and consumer products.
- • Post-investment capital will support product innovation, brand building, and disciplined channel expansion, with management and operational structure remaining intact to preserve brand authenticity and customer relationships.
Summary
Boyne Capital has completed an investment in Local Boy Outfitters, a Columbia, South Carolina–based consumer apparel and lifestyle brand founded in 2012 by David Faulkenberry and Patrick Stamps. The transaction included coinvestors Sisu Equity and Consumer Growth Partners. Faulkenberry remains a shareholder alongside Boyne, signaling founder alignment and continuity in strategic direction.
Local Boy manufactures and distributes apparel, headwear, and accessories targeting outdoor recreation and Southern lifestyle markets. The product portfolio includes graphic T-shirts, fishing shirts, shorts, outerwear, hats, and accessories distributed through both specialty retail partnerships and proprietary direct-to-consumer channels. The customer base comprises individuals engaged in fishing, hunting, boating, and related outdoor activities. The company experienced significant acceleration beginning in 2020, achieving consecutive years of revenue doubling before hiring Luis de la Mata as chief operating officer in 2022.
The investment aligns with Boyne Capital's established lower middle-market strategy, targeting companies with revenues under $100 million and EBITDA between $3 million and $15 million across healthcare services, manufacturing, consumer products, and business services. Founded in 2006 and headquartered in Miami, Florida, Boyne Capital closed its Fund III at hard cap at approximately $400 million in total commitments (including general partner commitments), exceeding its $275 million target within 90 days of launch.
Derek McDowell, Boyne Capital's managing partner, emphasized the firm's focus on founder-built enterprises with authentic customer relationships and strong organizational culture. Roman Krislav, a Boyne managing director, identified specific value-creation levers: product innovation, brand building, and disciplined channel expansion. Faulkenberry publicly affirmed that the partnership would preserve operational continuity, stating that customers "can expect the same Local Boy they've always known—same people, same values, same commitment to quality and authenticity."
Matrix Capital Markets, a Citizens Financial Group division, provided valuation advisory services, managed the confidential structured sale process, and negotiated transaction terms. The Matrix deal team was led by Managing Director William O'Flaherty and included managing directors, vice presidents, and analysts across the engagement, reflecting the complexity and market positioning of Local Boy within the broader lifestyle apparel category.
Local Boy manufactures and distributes apparel, headwear, and accessories targeting outdoor recreation and Southern lifestyle markets. The product portfolio includes graphic T-shirts, fishing shirts, shorts, outerwear, hats, and accessories distributed through both specialty retail partnerships and proprietary direct-to-consumer channels. The customer base comprises individuals engaged in fishing, hunting, boating, and related outdoor activities. The company experienced significant acceleration beginning in 2020, achieving consecutive years of revenue doubling before hiring Luis de la Mata as chief operating officer in 2022.
The investment aligns with Boyne Capital's established lower middle-market strategy, targeting companies with revenues under $100 million and EBITDA between $3 million and $15 million across healthcare services, manufacturing, consumer products, and business services. Founded in 2006 and headquartered in Miami, Florida, Boyne Capital closed its Fund III at hard cap at approximately $400 million in total commitments (including general partner commitments), exceeding its $275 million target within 90 days of launch.
Derek McDowell, Boyne Capital's managing partner, emphasized the firm's focus on founder-built enterprises with authentic customer relationships and strong organizational culture. Roman Krislav, a Boyne managing director, identified specific value-creation levers: product innovation, brand building, and disciplined channel expansion. Faulkenberry publicly affirmed that the partnership would preserve operational continuity, stating that customers "can expect the same Local Boy they've always known—same people, same values, same commitment to quality and authenticity."
Matrix Capital Markets, a Citizens Financial Group division, provided valuation advisory services, managed the confidential structured sale process, and negotiated transaction terms. The Matrix deal team was led by Managing Director William O'Flaherty and included managing directors, vice presidents, and analysts across the engagement, reflecting the complexity and market positioning of Local Boy within the broader lifestyle apparel category.
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