LuminAID, a Chicago startup that makes solar-powered lanterns and landed a deal from Mark Cuban on Shark Tank, has been acquired.
Adventure Ready Brands, a New Hampshire-based maker of outdoor gear and products, announced it scooped up LuminAID, a startup that creates lanterns that can be used for camping as well as for those in need of light in the aftermath of natural disasters. The startup's lanterns, which are rechargeable and can also charge your phone, have been used after storms in Puerto Rico, Houston and other hurricane-ravaged cities, and the company has also donated more than 50,000 lights to families in need.
Founded in 2010 by Anna Stork and Andrea Sreshta, the startup won the University of Chicago's Social New Venture Challenge in 2012 and the Clean Energy Trust's Clean Energy Challenge in 2013.
In 2015, it made an appearance on Shark Tank, where it inked a $200,000 deal with Cuban for 15% of its business. LuminAID received an offer from each one of the Sharks on the episode.
Adventure Ready Brands, which was founded in 1973 and bought by private equity firm Victor Capital Partners in 2019, is perhaps best known for manufacturing insect bite treatment AfterBite. It also sells medical kits, burn remedy products and other outdoor survival gear.
Terms of the deal weren't disclosed. It's Adventure Ready Brands' third acquisition since its private equity investment in 2019.
