Spyder Active Sports, Inc. has sold Cloudveil Mountain Works to Windsong Brands LLC, a private equity firm based in Westport, CT. Jim Reilly, the former COO of the North Face as well as Adidas America, becomes Cloudveil’s president.
The transition of ownership is effective February 16. All intellectual property and assets are part of the acquisition deal. Financial terms of the agreement were not disclosed.
To facilitate a smooth transition for Cloudveil’s existing dealer base, Spyder will manage the backend support, shipping, and customer service aspects of the Spring 2010 season.
“We want to maintain continuity of service and brand integrity through this sale,” noted Spyder CEO Tom McGann. “Cloudveil is a dedicated mountain lifestyle brand with a passionate consumer base. We wish to ensure Cloudveil retailers that the brand and its daily operations are passed off smoothly to the Windsong Brands team.”
Bill Sweedler, Windsong Brands CEO added, “Cloudveil, with its mountain culture, is a unique and truly authentic American brand that resonates with the core outdoor consumer. We look forward to remaining true to this consumer and through our efforts, developing and expanding the brand’s presence beyond its core categories through licensing initiatives in complimentary classifications. In addition, we are excited to begin expanding Cloudveil’s core business through new, and existing, premium retail channels. Our new Board, which includes core outdoor industry executives, has chosen Jim Reilly, an investor along with Windsong, to lead the company moving forward.”
Reilly comes to Cloudveil Mountain Peak, LLC with years of outdoor and sporting goods experience, including serving as CEO of Cloudveil, COO of The North Face and executive positions with adidas and Nike.
“Jim will be responsible for ensuring that Cloudveil stays true to its roots and guides the brand using a new business model with this fresh start,” said Sweedler.
“Windsong Brands was the perfect fit for this company,” said Reilly. “Windsong knows the space and has significant experience in growing consumer brands. I am confidant that we form a great team who has deep industry experience and that we can take Cloudveil to the next level of consumer awareness and brand recognition.”
Speaking about the future, Reilly added, “Cloudveil has developed a worldwide presence and we will immediately be reaching out to our consumers, retail customers and all potential international partners to assure a bright future for the Cloudveil brand.”
Spyder acquired Cloudveil in early 2008 and was managed as a separate brand entity, operating as a wholly owned, independent division of Spyder. McGann stated that the divestiture allows the company to focus all its resources on Spyder brand growth while Cloudveil benefits from the sale to an experienced private investment company.
