Dive Brief:
- Adding to its roster of brands, Pattern Brands on Tuesday announced it has acquired Onsen, a company known for its premium towels, according to a press release emailed to Retail Dive.
- Onsen, which was founded in 2017 by Shane Monson and Connor MacArthur, sells waffle weave towels and robes, as well as wool dryer balls, according to its website.
- The deal is Pattern’s first acquisition of a soft goods home brand and brings the company’s portfolio to seven brands.
Dive Insight:
After raising $25 million in July, Pattern Brands is continuing to build out its portfolio of home brands.
In addition to Onsen, the company launched Open Spaces and Equal Parts, and acquired GIR, Letterfolk, Poketo and Yield.
For Onsen, the acquisition gives it access to Pattern’s shared infrastructure, operations and technology.
“We don't run the brands independently, but have the entire resources that we have at Pattern working across all of our brands,” Pattern CEO and co-founder Nick Ling said in an interview with Retail Dive. “What we're excited about doing is introducing that brand to a much wider audience through many different channels.”
Pattern Brands — which was formerly branding agency Gin Lane, which helped launch to market several brands like Harry’s, Hims, Ayr and Stadium Goods — is focused on building a “platform of home life brand” via acquisitions. The brand’s model of growing brands under a shared umbrella has grown in popularity recently. Win Brands Group, for example, houses brands like Gravity, Homesick and Love Your Melon. Very Great runs W&P, Courant and Wild One. And Harry’s Inc. has been building out its portfolio through acquisitions.
“We think there's an incredible opportunity out there where entrepreneurs across America have created literally millions of brands, and at some point, those brands get more complex to run,” Ling said. “Those entrepreneurs and owners look for a home for those brands longer term, and we hope that Pattern represents a great home for those brands as they grow long term.”
