After owning it for only two years, Spyder sold Cloudveil to a private equity firm in Connecticut for an undisclosed amount.
Since buying it in early 2008, Spyder operated Cloudveil as a wholly owned, independent division. Now, it’s in the hands of Windsong Brands LLC.
“We are excited to begin expanding Cloudveil’s core business through new, and existing, premium retail channels,” Bill Sweedler, Windsong Brands’ chief executive officer, said in a statement.
Spyder will still manage Cloudveil’s existing dealers, support, shipping and customer service through the spring season to maintain continuity, according to a press release.
According to that release, Spyder sold the company to focus all its resources on its own products. In the business world, that typically means one of the companies is financially hurting, but that’s pure speculation.
The sale is likely part of Spyder’s new CEO’s move to grow the company and improve operating performance. In July, the company announced Thomas McGann replaced Jake Jacobs, the son of Spyder founder David Jacobs, as CEO.
Do you think this is a good move for Spyder and/or Cloudveil?
