Award-winning castable fish finders supplier Deeper has been sold and its new owner has declared it will target the US market as a region for growth.
Resource Partners, one of the leading private equity investors in the Central Eastern Europe (CEE) region, and the management team at Lithuanian-based Deeper have announced the buy-out of the company from its co-founders, Aurelijus Liubinas and Rolandas Sereika, and the financial investor, Gemini Grupė.
The new investors will become the majority shareholders in the company. Donates Malinauskas, co-founder, will continue as CEO of Deeper.
Deeper was founded in 2012 and won awards across the globe for its sonars which allow anglers to locate fish. Over the years it has expanded to become a global leader in the castable sonar category.
“I am very proud that we will now have the opportunity to support the management team in the further expansion of Deeper. Through unique technological expertise in producing castable sonars and an efficient marketing strategy, the management team has become market leader with sales in more than 50 countries around the world,” said Piotr Noceń, co-founder and Managing Partner at Resource Partners.
“As a consumer-focused investor, we will be looking at countries that present the highest potential to increase awareness of these products, such as the USA. We are planning to leverage the brand strength of Deeper and its worldwide distribution network with the introduction of related product categories,”
“It has been an exceptional journey for all the founders. Growing from a small start-up to a globally recognised brand was very challenging. We would like to thank all the international and local talents who spent numerous hours turning our idea into reality,” said Lubinas and Sereika.
“We have built a network of more than 50 partners globally and in excess of 400 brand ambassadors and received more than 40 awards across the world. We hope the company and management team will keep on the same trajectory and continue being one of the most successful businesses in Lithuania.
Malinauskas added: “It is a big honour to lead the Deeper team in building world-class products for anglers around the globe. I am very grateful for having the opportunity to build such a great brand and working with Aurelijus, Rolandas, and the Gemini Grupė.
“The Deeper team is now looking forward to delivering new world-class products and solutions for the growing community of anglers, helping them to find the best fishing spots and enjoy the best fishing experiences. I believe that working with Resource Partners will lead to even faster growth of the company and better satisfaction of anglers.”