Fair Harbor, the sustainable swimwear brand, has a new investment partner.
On Wednesday, the brand will reveal that it has received an undisclosed capital investment from Broad Sky Partners, a private equity firm that partners with middle market business services and consumer companies. The investment marks Fair Harbor’s first institutional capital.
Terms of the transaction were not disclosed.
Fair Harbor plans to use the investment to fuel its expansion into new product lines, retail channels and sustainability initiatives, the company said.
As reported, the brand, which started as men’s only, will launch women’s this spring. And the business, which is primary direct-to-consumer, will also expand its wholesale reach this year. It is carried at Nordstrom, Saks Fifth Avenue and some 250 specialty stores.
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“After building Fair Harbor for the last seven years, we’re thrilled to have the support of Broad Sky Partners to help us continue our mission and grow our vision for the brand,” said Jake and Caroline Danehy, the siblings who created the brand. “We immediately felt a natural connection with the Broad Sky team. They have incredible experience in the consumer space, along with dedicated operating resources. We are confident that the combination of these will help us take Fair Harbor to the next level and work toward our ambition to become the next great American heritage brand.”
“Jake and Caroline are exceptionally talented, purpose-driven entrepreneurs. Against the backdrop of increased consumer preference for sustainable products, they’ve led Fair Harbor to achieve remarkable success to date,” said Jonathan Marlow, a partner at Broad Sky Partners who leads the firm’s investments within the consumer sector. “As sector-focused, thematic investors, we see significant opportunities to invest in the intersection of sustainable and direct-to-consumer business models and are following the impact the shift to sustainability is having in consumer packaging and supply chains.”
Fair Harbor was founded in 2014 by Jake Danehy, chief executive officer, and Caroline Danehy, chief creative officer. The business, inspired by their childhood beach community on Fire Island, gathers post-consumer recycled plastic bottles and transforms them into swimwear.