The recreational products industry continues to be a robust environment for mergers and acquisitions. The industry is highly fragmented and comprised of numerous, small‐scale entrepreneurial brands, presenting a significant opportunity for consolidation. As consumers become more educated about product features and benefits, and how they relate to price, the need for product innovation has become vital to differentiate from the competition. As a result, large strategic buyers remain active in the industry as they seek to acquire leaders in niche markets in order to expand their product offerings and boost market share. Their global distribution capabilities, coupled with the product innovation of startups, continue to drive overall growth in the sector. Private equity firms have also been active participants in the industry as they are attracted to the market’s fragmentation and opportunity to capitalize on the growth of new products as platform or add‐on acquisitions.