In an all-Frisco deal, PH Innovation Holdings (PHI), the operator of fitness gear and training tech platform company POWERHANDZ, announced landing a “multimillion-dollar” investment from Vanguard Holdings Group.
Along with the new funding, Vanguard says it has issued a private tender offer to acquire all issued and outstanding minority shares of PHI—a move it says will provide liquidity to longstanding stockholders.
“This union comes at a time when we’ve made tremendous strides as a small business who had to build its own blueprint in the sports and fitness industry, focusing on professional leagues down to recreation leagues and the general fitness community,” said Danyel Surrency Jones, co-founder and CEO of POWERHANDZ, in a statement.
Reaching athletes, shifting mindsets
[Photos: Powerhandz]
Launched by Surrency Jones and husband-athlete Darnell Jones in 2016, POWERHANDZ offers a lineup of athletic gear along with a sports training and rehabilitation platform it says helps “improve performance, decrease injury, and aid in recovery.”
The company says its products are now sold in 87 countries. A portion of each sale goes to the POWERHANDZ’ Power To Give Foundation, which supports youth athletes through athletic, education and career development training programs.
“We have watched Danyel’s leadership break barriers and expand this brand under confined access,” said Kenneth Alexander, III, principal at Vanguard Holdings Group, in the statement. “This partnership will allow us to reach more athletes and shift mindsets about overall performance, physically and financially.”
Acquisition sets company on path for growth
Surrency Jones, the largest shareholder of POWERHANDZ, said the move will allow her company to “deliver a 360-degree performance model focused on innovation, wealth building, and serving our community.”
Alexander added that as a portfolio brand of his firm, POWERHANDZ will have access to Vanguard’s network of companies. He says Vanguard plans to grow the company organically and through future M&A deals.
POWERHANDZ announced its merger with PHI last July for an undisclosed amount—a move that came with a partnership deal with then-NBA Rookie of the Year LaMelo Ball, who plays for the Charlotte Hornets.
“Leveraging Vanguard’s portfolio companies and financial expertise will assist POWERHANDZ in navigating through the complexity of manufacturing and its tech expansion,” Surrency Jones said.
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