Innovatus Capital Partners, the investment firm that last year invested in Schutt Sports, has doubled down on the football business by acquiring financially troubled helmet maker Vicis, which had entered receivership in December.

Innovatus Capital reportedly paid $2.85 million for Vicis’ assets, according to King County Superior Court records. This comes after an $18 million secured term loan Innovatus made to Vicis competitor Kranos Corporation/Schutt Sports last fall.

“Under new ownership from Innovatus Capital Partners, Vicis and our assets will form a new company in order to fulfill our mission of protecting athletes of all ages. Together, we will continue to apply our passion and expertise in engineering, medicine, and sport to elevate the game for this season and many to come,” the company said in a statement.

“In the coming weeks, we will be posting updates with additional details on the status of the new company, information on product reconditioning, product liability insurance, sales, and product development plans.”

Innovatus was reportedly the only bidder for Vicis’ assets, according to documents in Seattle’s King County Superior Court attained by GeekWire.

In mid-December, Vicis was seeking a cash infusion as co-founder Dave Marver resigned as CEO and stepped down from the board. Court documents show that Vicis had explored conversations with more than 100 potential buyers, but only Innovatus’ bid arrived, again according to GeekWire. Innovatus first agreed to pay $3.1 million but negotiated a lower price due to uncertainty caused by COVID-19.

Vicis’ revenues were $13.8 million in 2019, with a net loss of $28.8 million, according to receivership documents. Documents showed more than $10 million in pre-receivership liabilities.