Provides Strategic Advice to Hybrid on Its Investment Alongside Altamont Capital Partners and the Fox family in Fox Head, Inc.
LOS ANGELES, CA – January 7, 2014 – (Motor Sports Newswire) – Intrepid Investment Bankers (Intrepid), a leading middle-market investment bank, today announced that it acted as exclusive financial advisor to Hybrid Apparel (Hybrid), a leading supplier of branded, licensed and private label apparel, in one of the largest and most strategic transactions in recent action sports and apparel industry history.
Hybrid engaged Intrepid’s Apparel, Retail & Lifestyle Brands team to secure the best capital partner to pursue the acquisition of Fox Head, Inc. (Fox Head). Intrepid drew on its deep relationships in the sector to conduct a thoughtful selection process that resulted in the selection of Altamont Capital Partners (Altamont). By combining Hybrid’s world class sourcing capabilities and supply chain management with Altamont’s capital and sector knowledge, Intrepid helped form an acquisition team that brought unique and compelling strengths in a highly strategic structure to acquire Fox Head, the iconic brand in the motocross apparel and accessories industry. In a complex three-way recapitalization transaction, Hybrid, Altamont and the Fox family teamed up to invest in a newly formed entity that owns the operations of Fox Head and Hybrid.
Altamont helped lead the majority recapitalization of Fox Head, a leading designer, marketer and distributor of authentic motocross apparel and equipment. The founding Fox family will continue to own a significant minority interest in the company alongside the shareholder group participating in the deal, which includes Hybrid, Ricky Carmichael (the most successful motocross rider of all time and Fox athlete since 1988), and Carey Hart (freestyle motocross legend and Fox athlete since 1997).
Founded in 1997, Hybrid has built a complete vertical operation that includes a world-class sourcing and global supply chain infrastructure. Hybrid’s partnership with Altamont will allow Fox Head to benefit from Hybrid’s product development and supply chain expertise.
Jarrod Dogan, Founder and CEO of Hybrid commented: “Intrepid’s team of seasoned apparel industry bankers was instrumental in telling the Hybrid story to the market and crafting a truly complex transaction. Part of our core values as a company has been to embrace change and the partnership with Altamont and Fox is the change Hybrid needs in order to move our brand development capabilities forward.”
“Jarrod and the Hybrid team have built a best-in-class business with an impressive history, experienced management team, and company culture that breeds innovation and excellence in customer service,” said Keoni Schwartz, Co-Founder and Managing Director of Altamont. Scott Olivet, Operating Partner at Altamont who is now serving as Executive Chairman and interim CEO at Fox Head, further commented: “We’re thrilled for the opportunity to help Hybrid reach its full potential and to apply their expertise in helping Fox Head to accelerate product innovation, optimize the supply chain and take Fox Head customer service to a new level of performance.” Mr. Olivet has extensive experience in the action sports sector, having served as CEO of Oakley; Vice President of Nike subsidiaries, where he led the acquisitions of Hurley and Converse; and current Director of Skullcandy.
Fox Head will continue to operate as a private, independent company out of its headquarters in Irvine, Calif.
Intrepid’s Apparel, Retail & Lifestyle Brands Group has experience across a broad range of subsectors, including apparel, retail, denim, footwear, action sports and luxury goods. To learn more about this transaction, contact Brien Rowe, Managing Director and Head of the Apparel, Retail & Lifestyle Brands Group, at 310-478-9000.
About Intrepid Investment Bankers
Intrepid Investment Bankers is a specialty investment bank that provides M&A, capital raising and strategic advisory services to middle-market companies across various industry sectors. We have a unique culture rooted in our founders’ successful 30-year history of advising entrepreneur and family-owned businesses, financial sponsors and major corporations. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. We deliver unconventional results through our unique ability to tell each client’s story, and drive relentless execution through senior banker immersion in each process. We augment our international capabilities through our membership and active participation in M&A International Inc., an exclusive global alliance of select independent middle-market M&A advisory firms. Member FINRA/SIPC. Follow INTREPID