Industry

Consumer/Retail

Company Type

Sports Performance/Health

Size

$10 Million

Investment Type

Equity/Convertible Note

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Cooper Groove

Overview

Cooper Groove is seeking $10 million to support the expansion of its patented groove grip technology – reduces or eliminates pain, shock, fatigue, cramps, tingling and numbness

The groove grip technology introduced in drumsticks can also be applied to hundreds of products through grooves directly into the handles and grips or by using the patented Groove Wrap


According to OSHA, the U.S. has 1.8 million workers compensation claims for hand related Repetitive Stress Injuries – estimated cost between $17 to $18 billion per year. There has been little innovation to address hand health, other than gloves


Cooper Groove intends to grow organically by expanding its technology to new product applications and to undertake several synergistic acquisitions or joint ventures. Negotiations are ongoing to acquire a well-known drumstick manufacturer, a baseball bat manufacturer, and golf grip manufacturer

Cooper Groove

Opportunity

 

Cooper Groove has received dozens of written testimonials from its drumstick customers, many of whom report being able to play even while experiencing arthritis, carpal tunnel, tendinitis, osteo neuropathy, and recovering from surgeries


The global hand protection equipment market size was $29.6 billion in 2021. Outside of simple gloves, hand health has seen few innovations like Cooper Groove grip technologies to help with chronic hand pain from repetitive stress injuries


Management anticipates similar relief may also be provided to users of other consumer products such as tools, lawn and garden equipment, sports equipment, etc


The technology works by reducing shock and sweat, which improves grip with less tension – this stimulates blood flow which eliminates cramps therefore reducing pain and long-term damage


These same factors also improve grip performance, so the product is valuable to users who are not experiencing any current hand pain

Cooper Groove

Solution/Strategy

The company was gaining distribution of its grooved drumsticks prior to COVID, but with the dramatic curtailment of live music performances, sales of drumsticks suffered a significant drop in volume


 With the post COVID resumption of music events, proper capitalization should allow the company to resume aggressive distribution and promotion and arranging artist endorsements


Currently in discussions with the founder of a well-known independent manufacturer of drumsticks interested in a staged buy-out path to retirement – the acquisition would provide manufacturing, global distribution, a significant artist base for endorsements, and an experienced leader who would remain on board

Cooper Groove

Management

Carlo Cooper

Founder and Chief Groove Officer

Invented the groove in its current form through his experience as a drummer


After several years of development, the groove technology was patented, and early sales began, and strong testimonials were received


Earlier experience includes creating a business training consulting firm. Developed and executed employee training programs, new company initiatives, and product launches for companies like Trader Joe’s and Starbucks


Played drums for several bands in Chicago and New York

Mike Chiszar

Chief Executive Officer

Managed sales teams and projects in software for the past 20 years for Scantron and Pearson Education


When Scantron acquired Pearson’s NCS division, managed a $20 million group including its International Division, Key Accounts, and Strategic Partners becoming the most profitable division in the company


Sold and managed teams selling sportswear to complex engineering solutions to SaaS solutions


Held sales, management, and VP roles selling to education and Fortune 500’s both domestically and internationally.

Cooper Groove

Learn More About This Transaction Cooper Groove
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Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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