IQ Brands to Acquire Wheel House Designs, Marking Fourth Acquisition

10/15/18

By Myah Ward, NC Biz News

IQ Brands, a socks and apparel accessories company based in Advance, North Carolina, has acquired Wheel House Designs, a producer of novelty socks, for an undisclosed amount.

This deal is the fourth add-on acquisition for IQ Brands. Founded in 1999, IQ Brands was originally founded as Socks and Accessory Brands Global. It has previously acquired Twin City Knitting Co., TopSox and IQ Brands.

IQ brands creates colored and patterned socks and sells merchandise to specialty footwear retailers, sporting goods stores, department stores and discount retailers.

For 30 years, Wheel House Designs, based in Morrisville, Vermont, has designed and distributed more than 450 variations of novelty socks, the release says. Gail Bourne, who founded the company in 1989, will maintain an active role with IQ Brands following the acquisition.

“We are excited to join the IQ Brands platform and work with Huron Capital’s team of industry experts,” said Bourne in a release. “We believe this is a mutually beneficial opportunity that will enhance product offerings, increase customer bases and expand growth prospects.”

One of Wheel House’s first designs was the Ben & Jerry’s spotted cow sock. Now the company offers socks in 12 categories: Dogs, birds, cats, country, garden, novelty, wildlife, life on the coast, life in the Southwest, holiday, winter and warm, and children’s.

Brian Rassel, vice president at Huron Capital, which owns IQ Brands, said with Wheel House’s experience in the gift and novelty market, he hopes for IQ to expand its products into these markets.

“We believe that Wheel House Designs, known for its imaginative, playful designs, along with its commitment to quality craftsmanship, will be a great fit with IQ Brands’ roster of well-known retail and corporate brands,” Rassel said.

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