Mervin Manufacturing sold to Altamont for $51 million
Mervin Manufacturing — parent company of Gnu and Lib Tech — has released the official news that they have been purchased by Altamont Capital Partners. Mervin has entered in to a license agreement with Quiksilver so that they can continue to produce and distribute Roxy branded snowboards and bindings. Mervin will also continue designing and building the snowboards in the USA. Mervin reportedly sold for around $51 million.
More info on Mervin’s latest move provided in the press release below:
(NEAR CANADA, November 7, 2013) – Today Mervin Manufacturing, home of Lib Tech, Gnu and Roxy snowboards, recognizes its official change in ownership from Quiksilver, Inc. to Altamont Capital Partners (Altamont). Mervin Manufacturing will continue to adhere to the core principles that have guided the evolution of the company since its founding in 1977. With the support of Altamont, Mervin will remain focused on manufacturing high performance, environmentally responsible snowboards, skateboards, skis, and surfboards in their Sequim, WA factory.
Under Altamont’s ownership, Mervin will operate as an independent, standalone company. There will be continuity across all areas of the company, including leadership and staffing, manufacturing, sales and marketing. Mervin has entered in to a license agreement with Quiksilver to produce and distribute Roxy branded snowboards, bindings and skateboards. The relationship will work similarly to how it has in the past, with Roxy sharing brand marketing and athletes and Mervin designing and building the snowboards in the USA, near Canada.
Ryan Hollis, CEO of Mervin, said,
“This is an incredible time for Mervin and all of our staff, team riders and retail partners around the world. Our new partners at Altamont share our vision for growth and are ready to invest in initiatives that will drive brand development and growth in the business. Our entire team looks forward to continuing to do what we love, which is building the best products on Earth.”
Reflecting on the general Mervin sentiment regarding the changeover, Pete Saari, co-founder of Mervin, said,
“Quiksilver and Bob McKnight have been incredible to work with and it has been a good long run. We have a great crew at Mervin and a long list of weird, wild and magical board sport fantasies. The Altamont partnership is going to be a healthy, exciting relationship that will allow us to bring innovation and invigorate new categories while focusing on what we do best…building beautiful boards.”
Mike Olson, co-founder of Mervin, adds,
“Being part of the great Quiksilver family for the past 16 years has been an awesome chapter in our history with fun memories that will last forever. We are super-duper excited to be on this new path with Altamont who shares our board sport passion and enthusiasm for thinking outside the box to advance new disruptive technologies within our industry and beyond, while showing a commitment to our homegrown American Bitchin’ Board Building factory.”
Trust Mervin Manufacturing! www.mervin.com www.lib-tech.com www.gnu.com