Wyndcrest Acquires Westbeach

Wyndcrest Partners, Ltd. today announced its acquisition of substantially all of the assets of Westbeach Canada ULC through the newly formed Westbeach Sports, Inc., an entity that also includes Westbeach founders Chip Wilson and Scott Sibley of Vancouver, as well as longstanding B.C. sales rep Dave Halliwell.

Specifically, Westbeach Sports purchased all of the Westbeach trademarks, the Westbeach Classic, the wholesale apparel business and two Westbeach retail locations in downtown Vancouver and in Whistler Village. As this transaction marks the cessation of apparel operations for the Morrow-owned Westbeach entity, which had acquired the business two years ago, the entire team of existing Westbeach employees have been offered positions with the newly formed company. The existing corporate facilities in Vancouver will continue to serve as the primary office of the Westbeach operations.

Wyndcrest founder John Textor, commented on the acquisition, “Westbeach is a strong brand, with an incredibly loyal following, that has continued to grow in the face of remarkably challenging conditions. Despite prior reports of reportable ‘shipped’ sales as of September 30, Westbeach continued to ship product to retailers on an aggressive pace in October and will ultimately deliver increased sales for calendar 1999. Thanks to the efforts of the entire Westbeach team, this is truly an acquisition of an authentic brand, with surprising momentum, that was only possible because its prior owner had made a decision to exit the snowboard business.”

Chip Wilson, speaking for the founder and management group, stated “We are incredibly excited to have reestablished a leading role within Westbeach. John Textor’s obvious commitment to the snowboarding lifestyle provides great support for the vision we have always held for the Westbeach brand. If the first signs of this partnership are any indication, we’ll have one hell of a party at the Classic in the Spring.” Wyndcrest Partners, Ltd. is a Florida-based private investment partnership led by John Textor, Jeff Kukes and Michael Bay (director of major motion pictures such as Bad Boys, The Rock and Armageddon, as well as award winning television commercial campaigns such as Got Milk? and the Nike Alpha Project). Beyond its longstanding support of snowboarding, Wyndcrest has also made significant investments in leading companies in the areas of internet enabling technology, internet telephony, telecommunications, consumer products, restaurants and real estate.