Descente Ltd of Japan has acquired control of Inoveight Holdings Ltd (Inov-8) from the private equity firm Livingbridge. Financial terms were not disclosed.
Inov-8, founded by Wayne Edy in 2003, is a leading all terrain footwear, apparel and equipment brand.
Livingbridge completed a £13.5m 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. Descente is best known in the United States for its high-end ski and cycling apparel, but owns rights to make and/or distribute Avia, Babolat, Marmot, Skins, Ryka, Umbro and several other global athletic and outdoor brands in Asia.
“This alliance signals an exciting new phase in inov-8’s development following a number of years of sustained growth,” said Gordon Baird, Inov-8's CEO. 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.”
