Small Business Deal Advisors is pleased to announce the sale of its client, boldSOCKS of Grand Rapids, MI to OCI Ventures, Inc. of Grand Rapids, MI.
boldSOCKS is a locally owned e-commerce sock retailer based in Grand Rapids, Michigan. The Company offers a variety of bold, fun socks for men, women, and children that are available for purchase on their website (www.boldsocks.com). boldSOCKS also offers a range of various products including custom socks, gift boxes and sets, wedding and groomsmen kits, and monthly subscription boxes.
For the past 6 years, boldSOCKS has operated a brick-and-mortar store in the heart of downtown Grand Rapids. The space featured boldSOCKS’ two brands, Statement Sockwear and boldSOCKS, and acted as a showroom to increase boldSOCKS’ brand awareness. The company is planning to move the storefront and all operations to a new location in Fruitport, MI.
The CEO of boldSOCKS, Ryan Roff, along with his business partners, have decided to transition the company to new ownership in order to focus on new ventures. boldSOCKS was recently acquired by the Company, OCI Ventures. OCI Ventures was established in 2020 with the goal of acquiring and growing brands by increasing revenue through marketing services and decreasing costs through process implementation and optimization.
Ryan Roff stated, “We are incredibly grateful for the opportunity we’ve had to turn a hobby into a fun, unique business that makes a positive impact on the world. The journey has exceeded our expectations and we know we wouldn’t be in this position if it weren’t for the employees, friends, family, and the Grand Rapids community that supported us throughout the years. We are excited to see what the future holds for boldSOCKS and the way it will continue to change and grow. We think Ryan Smallegan and his team will do an incredible job bringing fresh ideas in the Company’s next stage.”
Small Business Deal Advisors advised boldSOCKS on the sale through the development of marketing materials, comprehensive marketing of the acquisition opportunity, and consulting through the negotiation, due diligence, and closing periods. The transaction was managed by SBDA Associate, Jake McDonald.
Terms of the transaction were not disclosed.
About Bold Socks:
boldSOCKS was founded in 2011 with the goal of creating a store with the boldest socks from the world’s boldest sock brands. The Company offers an extensive array of dress socks, novelty socks, patterned socks, and performance socks. boldSOCKS is committed to providing high-quality, ethically made socks that create a positive social and environmental impact. The Company’s own sock brand, Statement Sockwear, has helped provide clean water to over 50,000 people in need in Rwanda, Africa.