SANTA FE SPRINGS, Calif.–July 30, 1999–Vans, Inc. (NASDAQ: VANS) today announced that it has acquired the world’s leading summer snowboard camp, High Cascade Snowboard Camp Inc. The stock-for-stock transaction is expected to be modestly accretive to earnings in fiscal 2000.
Gary H. Schoenfeld, President and Chief Executive Officer of Vans, said, “Similar to our strategic decision last year to open our first and the world’s largest VANS skate park, we view this acquisition as a great opportunity to further establish the authenticity and leadership position of the VANS brand among our target 10-to 24-year-olds. We also believe the Camp will provide us with a great venue for our teams of athletes, as well as an ideal platform to test product, conduct market research and further leverage our relationships and exposure in the Core Sports(TM) industries.”
High Cascade is located at the base of Mt. Hood in Government Camp, Oregon and capitalizes on the fact that no other location in North America offers snow conditions year-round. The 10-year-old Camp primarily operates from June through August and boasts an international reach, with approximately 20% of the attendees coming from Japan. Participants in the seven and ten day sessions enjoy state-of-the art snowboarding facilities on the mountain and receive instruction from top snowboard coaches. When not snowboarding, campers use High Cascade’s skateboard facilities and have the opportunity to go wakeboarding and mountain biking. High Cascade also offers weekend winter and spring camps at Mt. Bachelor, just 20 minutes from Bend, Oregon.
Mr. Schoenfeld added, “The growth of the VANS Triple Crown Series on ESPN and other industry market information continues to confirm increasing participation in sports such as skateboarding, snowboarding, surfing, wakeboarding and biking. More importantly, the lifestyles and purchase decisions which are influenced by these sports continues to increase on a worldwide basis. This transaction represents another positive step in our positioning as the industry’s leading lifestyle, retail and entertainment-based company.”