ADA, Okla. – Pennington Creek Capital, LLC, a Dallas, Texas-based private equity firm wholly owned by the Chickasaw Nation, today announced a majority equity investment in Tacoma, Washington-based Rite in the Rain.
“This investment in Rite in the Rain represents an important step in our business diversification,” Chickasaw Nation Governor Bill Anoatubby said. “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 specializing in the design, manufacture and distribution of water-resistant writing and field organization gear. Their product line includes notebooks, writing instruments, organization kits, covers and specialty paper products, all engineered for harsh and demanding environments. The company boasts substantial brand equity and a loyal customer base, including military personnel, first responders and outdoor enthusiasts. Leading online and in-store retailers sell Rite in the Rain products nationwide.
Chickasaw Nation Secretary of Commerce Dan Boren added, "Rite in the Rain is Pennington Creek Capital's first investment, perfectly aligning with our goal to invest in established companies with proven leadership, strong market positions and innovative products that promise significant growth. Led by a strong management team with experience in retail consumer products, the additional capital will support management’s strategic growth initiatives, boost operational scale and unlock new markets.”
Karl Mejia, Chief Executive Officer of Rite in the Rain, expressed enthusiasm for the partnership. "We are thrilled to welcome Pennington Creek Capital as the majority owner of Rite in the Rain. This partnership is a testament to our shared vision for the future, recognizing Rite in the Rain’s strong legacy and immense potential. Their investment provides us with the resources and strategic support necessary to deepen our product development, enhance operational capabilities and ultimately better serve our loyal and growing customer base nationwide. We look forward to this next chapter in our storied history."