The remaining assets of football helmet manufacturer VICIS have been acquired by Innovatus Capital Partners for $2.85 million, according to GeekWire. Last October, Innovatus made an $18 million investment in Schutt, a leading helmet manufacturer and rival to VICIS.
VICIS started as a Seattle-based startup and received widespread acclaim for its protective helmet technology. The NFL and NFLPA ranked VICIS as the top-performing helmet in annual tests during each of the past three years. However, VICIS started furloughing employees and closing operations in December as the company lost a reported $28.8 million in 2019.
A statement on VICIS’ website reads: “Under new ownership from Innovatus Capital Partners, VICIS and our assets will form a new company in order to fulfill our mission of protecting athletes of all ages. Together, we will continue to apply our passion and expertise in engineering, medicine, and sport to elevate the game for this season and many to come.”
More than 200 players across the NFL wore VICIS helmets last season, and the company had deals with 180 college programs. Current and former NFL players such as Russell Wilson, Aaron Rodgers, Doug Baldwin, Alex Smith, Roger Staubach, and Jerry Rice had all invested in VICIS.
“It is devastating that all the investors lost their money. But from a technical perspective, I’m happy to see the product live on,” VICIS co-founder Per Reinhall said, according to GeekWire.
According to GeekWire, insiders believe that VICIS’ demise was brought on by the company being too focused on grabbing market share from competitors such as Riddell and Schutt, rather than turning a profit. Court filings observed by GeekWire reportedly claim that Riddell threatened to sue VICIS last month over alleged patent infringement.
Documents obtained by GeekWire show Innovatus was the only bidder for VICIS’ assets. Innovatus reportedly originally agreed to pay $3.1 million for what was left of the company, but negotiated the price down due to uncertainty amid the pandemic, as football faces the potential of not being played across all levels this fall.
