Bedrock Manufacturing Co, the parent company of brand Shinola has secured a multimillion-dollar investment from Qatar Investment Authority (QIA).
The move will help to support Bedrock’s ability to ‘aggressively build businesses that are predicated on building powerful brands’ and follows on from a raft of recent investments from other organizations such as Dan Gilbert’s Rock Ventures, the Kresge Foundation, and Revolution Growth.
The investment will also help to create new jobs across the company.
Tom Kartsotis, founder of Bedrock Manufacturing Company said: “We are excited to welcome QIA as our newest partner and are grateful to our other investors who have supported us throughout the years.
“The multitude of opportunities that the Filson, Shinola, and Bedrock Watch Co. brands present on a daily basis are unique.”
“Qatar Investment Authority is very pleased to have the opportunity to invest in Bedrock, further reinforcing our strategy of increased US investment,” said a spokesperson for QIA.
“Tom and his team are building a great company – one that not only has strong brands and products, but also one that is making a positive impact in American cities, such as Detroit. We look forward to partnering with Bedrock, and its existing investors, to enhance the Company’s future development.”
Allen & Company and CoveView Advisors LLC served as financial advisors to Bedrock on the transactions.
Detroit-based Shinola is a luxury design brand based in Detroit and founded in 2011.