Private equity firm Bluestone Equity Partners announced Jan. 20 that it has made a major investment in Selkirk Sport, the Hayden, Idaho-based pickleball equipment manufacturer that has grown revenue approximately 1,900 percent since 2019. The transaction represents Selkirk’s first external investment since brothers Rob Barnes and Mike Barnes founded the company with their father Jim in 2014. Financial terms were not disclosed.
The investment positions Bluestone to capitalize on pickleball’s explosive growth trajectory. US adult participation in the sport increased approximately sixfold from 2019 to 2024, according to the Sports & Fitness Industry Association (SFIA). Infrastructure has expanded rapidly to meet demand, with dedicated facilities up 55 percent year-over-year and total courts increasing 23 percent in 2024 alone.
Private equity investors eye equipment market as participation soars
The deal signals growing institutional interest in pickleball’s equipment sector as participation reaches mass-market scale. Selkirk has established itself as the category leader through product innovation including the first limited lifetime warranty in pickleball and the pioneering 16mm paddle core, now an industry standard.
Asia expansion and M&A on the agenda
Bluestone has identified targeted international growth in Asia and opportunistic mergers and acquisitions in the fragmented US equipment market as key strategic priorities. The firm noted that tens of millions of US adults now play pickleball regularly, achieving true mass participation status.
The partnership is expected to drive product development, including next-generation paddles, a new line of quiet pickleballs and reimagined footwear, according to Rob Barnes. Innovation and performance remain central to the strategy as pickleball expands globally.
About the companies
Bluestone Equity Partners is a New York-based private equity firm focused on the global sports, media and entertainment industry. The firm launched its inaugural $300 million fund in Q1 2023 in a single closing. Selkirk marks Bluestone’s ninth investment from the fund.
Selkirk Sport manufactures premium pickleball paddles and accessories from its Idaho headquarters. The family-owned company’s paddles are used by premier professional players including Jack Sock and Catherine Parenteau. The company has become one of the industry’s fastest-growing manufacturers since its 2014 founding.
