Livingbridge is pleased to announce the sale of its investment in inov-8 to Descente Ltd (“Descente”), a leading Japanese sportswear maker with an 80-year history of craftsmanship and technological excellence. Financial terms were not disclosed.
inov-8, founded by Wayne Edy in 2003, is a leading all terrain footwear, apparel and equipment brand.
Livingbridge completed a £13.5m investment in inov-8 in May 2012. Since that time the business has grown twofold, entered new markets and launched a successful clothing range. inov-8 has also won numerous awards for product innovation.
The acquisition by Descente will allow the management team to accelerate the next phase of their international growth plans.
Gordon Baird, CEO of inov-8 comments: “This alliance signals an exciting new phase in inov-8’s development following a number of years of sustained growth. The investment by Livingbridge in 2012 was a real catalyst for the business strategically and operationally. Livingbridge’s track record and know-how in working with businesses at our stage of development have been invaluable.”
Adam Holloway, Livingbridge comments: “We are delighted to have secured a strategic investor to help Management deliver the next phase of inov-8’s growth plan. We wish the Management team and Descente every success in the future.”