Spyder sells Cloudveil Mountain Works to private investment firm
17/02/2010
Active sports brand Spyder has sold its ownership of functional apparel manufacturer Cloudveil Mountain Works to Windsong Brands, a Connecticut-based private equity firm.
Spyder will manage the backend support, shipping, and customer service aspects of Cloudveil’s Spring 2010 season to make the transition easier for dealers. “We want to maintain continuity of service and brand integrity through this sale,” said Spyder’s chief executive, Tom McGann, on announcing the deal. “Cloudveil is a dedicated mountain lifestyle brand with a passionate consumer base. We wish to make sure that the brand and its daily operations are passed off smoothly to the Windsong Brands team.”
Windsong Brands chief executive, Bill Sweedler, commented: “Cloudveil, with its mountain culture, is a unique and truly authentic US brand that resonates with the core outdoor consumer. We look forward to remaining true to this consumer and through our efforts, developing and expanding the brand’s presence beyond its core categories through licensing initiatives in complementary classifications. In addition, we are excited to begin expanding Cloudveil’s core business through new, and existing, premium retail channels. Our new board, which includes core outdoor industry executives, has chosen Jim Reilly, an investor along with Windsong, to lead the company moving forward.”
Mr Reilly comes to Cloudveil with years of outdoor and sporting goods experience, including serving in the past as chief executive of the brand, as well as holding executive positions with The North Face, adidas and Nike.
Spyder acquired Cloudveil in early 2008 and ran it as a wholly owned independent division of the company. Mr McGann stated that the divestiture allows the company to focus all its resources on Spyder brand growth, while Cloudveil benefits from the sale to an experienced private investment company that is focused exclusively on building world-class, consumer branded businesses.
Share this story:
