Paddletek buys PIKKL as Thirty-5 Capital platform adds paddle brand

Paddletek, a portfolio company of Thirty-5 Capital, has acquired PIKKL, a Medina, Minnesota-based maker of performance pickleball paddles, PE Hub reported. The transaction adds another paddle business to Paddletek Group, which PE Hub said is an official paddle sponsor of four major pickleball properties.

PE Hub did not report financial terms for the acquisition. It said PIKKL co-founders Mike Strommen and Dan Martinson will continue working with Paddletek after the deal.

The acquisition brings together Paddletek, founded in 2010, with a Minnesota-based performance paddle company. For a private equity-backed business, an acquisition of this kind typically places the acquired company under the buyer’s operating platform, while the financial sponsor remains behind the portfolio company. In this case, PE Hub identified Thirty-5 Capital as Paddletek’s backer.

Paddletek Group’s existing commercial position includes sponsorship ties across professional and tournament pickleball. PE Hub reported that the group is an official paddle sponsor of Major League Pickleball, the Professional Pickleball Association, the US Open Pickleball Championships and the USAP Nationals.

The deal comes as pickleball-related companies continue to seek scale around equipment, players and events. PE Hub’s report did not include details on integration plans, governance changes, financing, revenue, employee counts or the timing of closing.

PIKKL is based in Medina, Minnesota. Paddletek was founded in 2010, according to PE Hub.

This story draws on original reporting from PE Hub.