Sims Sports, Inc. announced its Board of Directors u nanimously approved an agreement with current shareholder Wyndcrest Partners regarding a recapitalization of the company and a restructuring of its Board of Directors. Through this transaction, Wyndcrest will provide $4.5-million of additional capital to the company and will also acquire substantially all of the outstanding stock that is not otherwise owned by Tom Sims.
Wyndcrest founder and former Sims skateboard team rider John Textor will become Chairman of the Board of Directors of Sims. Tom Sims, whose ownership interests in the company will remain substantially unchanged, will continue to be actively involved in all aspects of product innovation, development, and promotions.
“I think its great to see the Sims brand get additional capital from a longtime partner that has proven passion and is an avid snowboarder and skateboarder,” says Sims of Textor. “Since I built my first snowboards and skateboards in the 60s, Sims has always been focused on developing innovative products and supporting the riders w ho use them. This season I’ve spent most of the winter riding new equipment and I can really say that Sims is at a new level of performance in product and innovation. Our engineering and product development team are so far ahead of the industry with design concepts, it’s insane.”
Sims Director of Marketing Dave Wray adds, “Let’s face it. We currently have the number-one binding on the market and this additional cash is going to allow us to blow everyone away with new product innovations. Both the Posi-link binding and the Project Hex have been going off and now we have the Project Hex FC, the industry’s first full 100 percent aerospace grade pre-preg carbon fiber snowboard. All I can say is there’s more to come!”
Wyndcrest Partners is a Florida-based private investment partnership led by John Textor, Jeffrey Kukes, and Michael Bay (director of major motion pictures such as The Rock and Armageddon). Beyond its support of snowboarding, Wyndcrest has also made significant investments in leading companies in th e areas of internet e-commerce, telecommunications, consumer products, restaurants, and real estate.