Thursday, January 13, 2005

SBI Acquires Cloudveil Apparel; Forms new Company

SBI Acquires Cloudveil Apparel; Forms new Company
SportsNewsSource Posted: 1/13/2005
Cloudveil, producers of innovative technical outdoor and mountaineering apparel and Sport Brands International (SBI) have announced the formation of a new company, Cloudveil Mountain Works, Inc. Financial details of the agreement have not been disclosed.

Cloudveil Mountain Works, Inc. President, Brian Cousins, explains: "We are extremely excited about this opportunity for Cloudveil to continue its development in the outdoor specialty market and to extend our reach globally. With SBI, we gain added financial strength and sourcing resources, which will allow our outstanding team in Jackson Hole and Denver to accelerate the growth of the Cloudveil brand."

In his new title of Global Brand Director, Stephen Sullivan added, "This is a super positive move for Cloudveil as the brand platform remains in place and, at the same time, we benefit from being able to tap into the global resources of a larger strategic partner. This will allow us to increase our product development focus and expand much more rapidly."

Jim Reilly, the Managing Director of the newly formed company and a Senior Vice President of Sport Brands International commented, "Cloudveil is an authentic brand with a management team that understands the specialty business. We believe an entrepreneurial approach to building a strong sustainable business should be at the heart of everything we do. Cloudveil is a perfect example of this."

Cloudveil offices remain in Jackson, Wyoming and Denver, Colorado and the entire in-house team and independent sales force remains intact and forms a foundation for future, near-term expansion.

Buyers Take: I'm not sure who SBI is but I can only imagine that it will help this brand. They need an infusion of capital to chase and develop new technoligies. They were once the leader in softshell and now they are just someone who makes it.

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