PROVEN VCTS AND BERINGEA U.S. EXIT D3O INVESTMENTS FOLLOWING ACQUISITION

20 Sep 2021

Beringea, the transatlantic venture capital investor and manager of the ProVen VCTs, has exited its investments in D3O as part of an acquisition of and investment in the company by Elysian Capital III LP. Beringea U.S. and the ProVen VCTs both held equity stakes in the company. Terms of the deal were not disclosed.

D3O designs, manufactures, and distributes world leading impact protection products to customers around the globe. The D3O brand and the “Protected by D3O®” trademark are synonymous with market-leading protection and quality. The business has amassed an impressive portfolio of customers covering some of the world’s leading brands for protective equipment, across its key market segments of consumer protection (sports, outdoor and electronics) and PPE (defence and industrial).

The ProVen VCTs and Beringea’s U.S. funds co-led a 2015 investment in D3O to support the further expansion of its impact protection products and international market growth. Beringea has provided on-the-ground support through its U.K. and U.S. offices to strengthen D3O’s growth throughout its key sectors and geographies.

Stuart Sawyer, CEO of D3O Holdings Limited, said: “We are excited to be working Elysian and have been impressed by the quality of their team.  I’d like to thank our previous investors for the support they have given us in establishing D3O, and we now look forward to scaling the business and realising the significant opportunities to protect people and their things around the world.”

Charlie Rothstein, founder and senior managing partner of Beringea U.S. and former board member of D3O, commented: “D3O’s innovative line of products appealed to several large American markets, and having investment teams in both the U.S. and U.K., as Beringea does, can help inform those expansion strategies. We’re pleased by the global scale D3O’s management team has achieved and wish them well as they continue their exciting plans for growth under Elysian Capital.”

Harry Thomas, Investment Manager at Beringea U.K., commented: “During the course of our investment, we’ve worked closely with the leadership team at D3O to firmly establish the brand as a pioneer in impact protection on both sides of the Atlantic. This acquisition is testament to the remarkable progress that the business has made, and we look forward to watching them embark on the next chapter in their growth with Elysian Capital.”


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