Love Your Melon, the popular Twin Cities-based, mission-driven outdoors company known for its knit hats, has been acquired by Win Brands Group.
New York-based Win, an "omnichannel retail platform," announced the acquisition on Tuesday after it received a $40 million equity investment from its partners, Orangewood Partners.
It's unclear how much Win paid to buy Love Your Melon.
Love Your Melon, which was founded in 2012 by two University of St. Thomas students in their entrepreneurship class, gives 50% of its net profits to nonprofit organizations involved in fighting pediatric cancer. It has donated more than $9 million to nonprofits and has given more than 235,000 beanies to kids battling cancer and their families.
In recent years, Love Your Melon has expanded from selling beanies to offering apparel, home goods and face masks.
"Now, as part of Win, we're equipped with the tools we need to grow faster than ever before by accessing new markets, diversifying our product offering, and expanding our retail footprint," Zachary Quinn, co-founder and co-CEO of Love Your Melon, said in a news release. "We believe we have found the best partner to lead this brand and its mission into the next chapter."
Win touts Love Your Melon's charitable efforts and passionate fan base, as well as its success licensing with partners that include Disney, Marvel and Harry Potter.
Eric Satler, president at Win, said Love Your Melon has a "tremendous opportunity for growth," noting there are "significant opportunities to broaden its product selection."
Kyle Widrick, CEO and co-founder of Win, said Love Your Melon is a "terrific addition" to the company's portfolio and is "emblematic of what we look for in the businesses we acquire: a category-defining brand in a key vertical, with passionate founders and a clear path for growth."
Love Your Melon joins Win's other brands, including Gravity, a weighted blanket brand; Homesick, a candle company; and QALO, which makes silicone wedding rings.