Private equity investor Livingbridge has confirmed the sale of its investment in Inov-8 to Japanese sportwear firm Descente. Financial terms were not disclosed. The Japanese group has reportedly acquired an 80% stake in Inov-8.
Inov-8, founded by Wayne Edy in 2003 and is a leading all terrain footwear, apparel and equipment brand.
Livingbridge (formerly ISIS Equity Partners) completed a £13.5 million investment in Inov-8 in May 2012. Since that time the business has ‘grown twofold, entered new markets and launched a successful clothing range.’ Inov-8 has also won numerous awards for product innovation.
The acquisition by Descente ‘will allow the management team to accelerate the next phase of their international growth plans.’
The two companies know each other quite well, since Descente has been the distributor of Inov-8 in China, South Korea and Japan for two years. Descente is big in Japan – and not only there. It runs 16 brands in the Asia-Pacific region; some of which are owned, others are licensed.
Descente is now 80-years-old and is a major factor in the Japanese sports distribution business. It operates subsidiaries in Hong Kong, China, South Korea and Singapore. It sells apparel in North America and Europe, with a focus on ski wear, in addition to the Asia region, where the focus is on Descente’s summer product range.
Gordon Baird, CEO of Inov-8 said “This alliance signals an exciting new phase in Inov-8’s development following a number of years of sustained growth. The investment by Livingbridge in 2012 was a real catalyst for the business strategically and operationally. Livingbridge’s track record and know-how in working with businesses at our stage of development have been invaluable.”
Adam Holloway, Livingbridge added “We are delighted to have secured a strategic investor to help management deliver the next phase of Inov-8’s growh plan. We wish the management team and Descente every success in the future.”
www.inov-8.com
www.descente.com
www.livingbridge.com
