SAN CLEMENTE, Calif. (BRAIN) — GEF Capital Partners, a private equity firm, has made an investment in MURF Electric Bikes, a seven-year-old brand with its roots in surf culture.
GEF is a spinoff from Global Environment Fund and focuses on investments in "companies that have developed solutions to mitigate the effects of climate change and pollution." The companies did not disclose the size of the investment.
MURF's founders say they plan a new storefront, several new national retail partners, and several new products in 2023.
"As a family-founded company, we were immediately drawn to GEF Capital's unique approach towards investing, which centers supporting management teams and aligning values," said CEO and co-founder Josh Jones. "We're thrilled to have found a partner that will support our close-knit team and continued growth. By combining GEF Capital's expertise in supporting fast-growing businesses and our passion for all things outdoor recreation, we cannot wait to introduce MURF to even more people."
Technology advisory firm GP Bullhound acted as the exclusive financial advisor to MURF as they evaluated potential capital partners.
"We are very excited about our partnership with Josh, Kiara and the rest of the MURF team," said Stuart Barkoff, Managing Partner at GEF Capital. "MURF embodies the power of exploration, and its bikes are drawing customers seeking adventures and fun. We look forward to supporting MURF in its mission of bringing these experiences to everyone."
Josh and Kiara Jones founded MURF to supply surfers looking for a low-impact way to reach remote beaches. Today it sells eight models of Class 2 and 3 e-bikes assembled in the brand's San Clemente storefront.
The company sells direct to consumers online and at its headquarters store. It also sells through bike shops, surf shops, resorts and outdoor retailers nationally, especially on the coasts and Hawaii. It plans to open a second storefront, which it said would be in another region known for outdoor adventure, by the third quarter of 2023. More information at murfelectricbikes.com.
