San francisco bag maker Timbuk2 sold to furniture company

Brands 2019-08-16

San Francisco bag maker Timbuk2 has sold to Exemplis, a Los Angeles furniture maker, for an undisclosed price.

Timbuk2 confirmed the sale has closed and said it had no plans to move its headquarters or its 23,000-square-foot manufacturing operations in the Mission to Los Angeles.

“Timbuk2 has no plans to leave San Francisco,” said Patti Cazzato, chief executive officer, in an email. “The city is core to our DNA and has been since our inception 30 years ago.”

Timbuk2 plans to operate under its name. It declined to comment on the sale price. Exemplis did not return calls for comment.

As of May, Timbuk2 had 24 stores and 130 employees. It operates a manufacturing facility in the Mission where workers make custom orders. It sells directly to shoppers via its stores and its website but also makes its bags — including messenger bags, backpacks and cross-body bags — for corporate clients such as Facebook, Google and Tesla. It has wholesale retail partnerships with Urban Outfitters and Nordstrom, among others.

Initially called “Scumbags,” the company was founded in 1989 by Rob Honeycutt and primarily made messenger bags, a favorite among local bike messengers. Honeycutt sold the company to VMG Partners, a venture capital firm in San Francisco, in 2005. VMG later sold its shares to TB2 Investors, a private investing group led by then-board chair Ken Pucker. TB2, which held a majority stake in the company, sold its shares to Exemplis.

While a furniture maker joining forces with a bag maker might seem surprising, Cazzato said Exemplis’ manufacturing capabilities will help Timbuk2 become a serious contender in the travel luggage field and expand in other ways.


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Source:San Francisco Chronicle Statements

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