Execute Sports Inc. completed the sale and transfer of the Academy Snowboard brand back to its original owners. Academy Snowboards was acquired in 2006 as part of the Pacific Sports Group, Inc. acquisition. In November, “after a year of disappointing sales and sub-standard production,” Execute Sports management decided to shut down the division and actively began seeking a buyer for brand. Deal points include the transfer of all liabilities, current receivables and all rights to the brand back to the original owners.
“The sale of Academy was pivotal in the successful restructuring of the company,” said Geno Apicella, CEO of Execute Sports. “In lieu of the situation, the best possible deal was made, significantly reducing Execute's outstanding debt while finding a perfect home for the brand. With the sale of Academy behind us, Execute Sports will continue to focus on its growing Watersports business. Credit must be given to our board members for completing this deal in a swift and efficient manner. We couldn't be happier with the final results and we truly wish the brand and its new owners a new-found success in the future.”
