DALLAS: Pennington Creek Capital, LLC, a Dallas-based private equity firm wholly owned by the Chickasaw Nation, announced Tuesday a majority equity investment in Rite in the Rain, a Tacoma, Washington-based manufacturer of water-resistant writing and field gear.
“This investment in Rite in the Rain represents an important step in our business diversification,” said Chickasaw Nation Governor Bill Anoatubby. “The returns from this and similar partnerships will directly fund beneficial programs and services for our citizens and communities, fulfilling a strategic goal set when Pennington Creek Capital launched in March 2024.”
Founded in 1916, Rite in the Rain is a 109-year-old market leader known for its durable notebooks, writing instruments, and field organization products designed for extreme environments. Its customer base includes military personnel, first responders and outdoor professionals, with products sold nationwide through leading online and retail channels.
“This is Pennington Creek Capital’s first investment, perfectly aligning with our goal to back established companies with proven leadership and innovative products,” said Chickasaw Nation Secretary of Commerce Dan Boren. “The additional capital will support strategic growth initiatives, boost operational scale and unlock new markets.”
Karl Mejia, CEO of Rite in the Rain, welcomed the partnership.
“We are thrilled to have Pennington Creek Capital as our majority owner,” Mejia said. “Their investment provides us with the resources and strategic support necessary to deepen product development, enhance operations and better serve our loyal customer base.”
Legal and financial advisors for the transaction included Vinson & Elkins LLP, Andersen Global, IMA Corp. and Accordion Technology. Integris Partners provided sell-side representation.