The Hood River sportswear company DaKine has been sold to Altamont Capital Partners, according to Internet reports.
According to the adventure sports industry website eatshopsurf.com, the Australian-based Billabong, owner of Dakine, announced it had “struck a multi-pronged deal with Altamont Capital Partners to help the company out of its financial turmoil.”
Altamont spokeswoman Aman Battish confirmed the sale when contacted by phone on Tuesday morning.
According to the web article, the deal includes the sale of DaKine to Altamont, of Palo Alto, for $70 million, and DaKine will be run as a separate company.
Former Oakley and Nike executive Scott Olivet will become the new DaKine CEO, according to eatshopsurf.com.
On the industry website transworldbusiness, Altamont principal Steve Brownlie was quoted as saying, “DaKine has a high quality brand, strong track record, and long history in the markets it serves — all of the qualities we look for in a consumer business.
“There is a talented team at the company and we are excited to work with them to build on DaKine’s successful history and drive future growth opportunities,” Brownlie added.
The Billabong board of directors approved the deal unanimously, including current CEO Launa Inman, who also sits on the board.
Dakine was founded by Hawaii resident Rob Kaplan in 1979, and has since evolved to be one of the largest bag and accessory brands within the action sports market.
As reported two weeks ago in the Hood River News, DaKine moved to new offices on the Hood River waterfront in June after two decades in downtown Hood River.