Boardriders Sells XCEL Wetsuits
Boardriders has sold Xcel wetsuits to Colorado-based ZG Collective, parent company to snowsports glove company Level. Boardriders CEO Dave Tanner says the wetsuit brand constitutes less than 1% of their global sales “so it just made sense to focus our efforts on growing our larger brands and finding a great home for Xcel. We thank the entire Xcel team for their passion and dedication over the years and wish them the best of luck in this next phase.”
Press Release: Boardriders Inc., a leading global action sports and lifestyle company that designs, produces and distributes branded apparel, footwear and accessories under the Quiksilver, Billabong, ROXY, DC Shoes, RVCA and Element brands announced today that it has sold its Xcel wetsuit brand to Colorado-based ZG Collective.
The divestment of Xcel is strategically aligned with Boardriders’ recently-announced multi-year growth agenda that is driving investment into a number of new growth initiatives across its six primary global brands. Those initiatives are focusing on funding our continuing digital transformation, category extensions, changing go-to-market models, new partnerships, product development speed programs, and enhanced sustainability efforts.
David Tanner, Boardriders CEO said, “We’ve done a lot to streamline our company over the last several years, and now are squarely focused on our growth agenda. Although Xcel is a terrific brand, it constitutes less than 1% of our global sales, so it just made sense to focus our efforts on growing our larger brands and finding a great home for Xcel. We thank the entire Xcel team for their passion and dedication over the years and wish them the best of luck in this next phase.”
ROTH Capital Partners, LLC served as financial advisor, and K&L Gates served as legal counsel to Boardriders, Inc.
