Jalex Group, the former ownership group behind Cloudveil, has acquired the Ouray Sportswear. Terms of the transaction were not disclosed. Under the agreement, O Holdings, an affiliate of the Denver-based private equity investment firm, has capitalized a new company, Ouray Sportswear, LLC and its Denver-based full service wholesale “value added” light manufacturing of sportswear and headwear.
Denver-based Ouray Sportswear, makes headwear, sportswear and other logoed apparel for collegiate, resort, retail, corporate, scholastic, and promotional markets. It will retain its management: COO Mark Musselman, CFO Jerry Wenzel, VP of Sales Craig Dudley and VP of Operations Kevin Smith, while adding Jalex partners and co-founders Jon Boris and Ryan Harrington, who combined have over 28 years of investment and operational experience, most recently with Cloudveil Mountain Works.
Jalex acquired a majority share of Cloudveil in 2003, providing enough capital to finance the brands expansion over the next two years before its sale to Sport Brands International in January 2005. Boris and McGregor were credited with moving quickly to position Cloudveil for growth, focusing their efforts on improving the operations side of the business, including opening a customer service center in Denver and developing a new sourcing strategy.
Jon Boris from Jalex adds, “The new Ouray will be properly capitalized which will allow the Company to take advantage of the investment that Ski Country has made in infrastructure over the last eighteen months; this will allow for, among other things, substantially shorter lead times on re-ordered product.”
