Altamont Capital Partners affirms action sports ambitions
While it has repeatedly been named as a potential buyer of the brand ATV-motocross brand Fox, investment firm Altamont Capital Partners has quietly racked up more points in the board sports sector.
Altamont Capital, which currently owns Dakine and Mervin Manufacturing, which it purchased respectively from Billabong and Quiksilver last year, has just invested in two skateboarding brands.
It first acquired a stake in Huf. The brand, which was founded in the early 2000s in Los Angeles by former pro skateboarder Keith Hufnagel, initially marketed skateboarding shoes before expanding its range to include apparel and accessories lines. It continues to be overseen by Jai Baek, Keith Hufnagel, Joanne Baek and Jino Choi.
"After several years of rapid growth, we wanted to bring in partners who can help us build the infrastructure to make HUF a lasting company,” said its founder in a statement. “We're confident that Scott (ed: Olivet, Altamont Capital’s operational partner, and a former executive at Oakley and Converse, who oversees board sports brands) and Altamont’s team understand the brand and can help us achieve our goals."
It’s not clear whether Altamont has become a majority shareholder through the agreement. The stake that it has acquired in the brand Brixton has also not been specified.
The firm has indeed continued its California shopping spree with the purchase of a stake in the apparel brand that was founded in 2004, and which takes its inspiration from skateboarding, surfing, motorcycles and classic cars.
The company will continue to be overseen by CEO Jason Young, brand director David Stoddart and CFO Mike Chapin. However, Scott Olivet and other members of Altamont Capital are joining its board of directors. Scott Olivet has also been named chairman of the brand.
The fund’s investment should make it possible for the brand to enter a new stage in its growth.
The question remains as to what Altamont Capital’s next Californian target will be.
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