Brixton partners with Altamont Capital Partners
Altamont Capital Partners strikes again.
Brixton announced tonight that the private equity firm is investing in the company to support the brand’s growth.
Brixton is a younger brand that has been one of the industry’s recent success stories.
Co-founders Jason Young, David Stoddard and Mike Chapin started the brand 10 years ago and have grown and managed the brand themselves. (Read our previous interview with the Brixton founders here.)
It’s the second time in a week Altamont Capital, which manages over $1 billion, has made industry news.
Last week, Altamont announced it is investing in skate brand HUF. Altamont also currently owns Dakine, which it bought from Billabong, and Mervin Manufacturing, which it bought from Quiksilver. It is also in the running to buy Fox Head Inc.
The lead Altamont player in the deals is Scott Olivet, who has a stellar reputation in the industry, serving on several boards and previously having worked as CEO of Oakley.
People who worked with him in the past praise his leadership and business skills, his understanding of the industry, and his ability to grow companies while not devaluing brands.
Brixton is a brand frequently mentioned as one that can break out to the next level. While it started with hats, the company has branched into apparel and has been expanding its footprint in important retailers.
Here is the official press release. Jason and David were not available for interviews this evening.
Brixton Partners with Altamont Capital Partners
Oceanside, CA, November 4, 2014 – Brixton is pleased to announce a partnership with investment firm Altamont Capital Partners to support the company’s continued growth and development.
Brixton, the California-based lifestyle apparel brand, was founded in 2004 by Jason Young, David Stoddard and Mike Chapin. After five years of focusing on the headwear business, the Brixton brand soon expanded into select apparel pieces to meet growing demand. The growth in apparel soon matched the growth in headwear, and today Brixton is on-track to continue to expand the business both in terms of product breadth and geography.
“We feel fortunate to have achieved more success than we could have imagined when we started Brixton ten years ago in David’s garage. There is more opportunity in front of the brand today than at any point in the company’s history, and we are confident that Altamont can help the Brixton brand reach its full potential,” explained Brixton Co-Founder and General Manager Jason Young. “We know that as we grow we need to build capabilities to support our retailers and continue to build and communicate the brand. We wanted to have a partner who could bring outside perspective and experience to help navigate that process with us.”
“No single brand speaks to everyone, but we’re very fortunate to have a set of core consumers who really can identify with the brand and love the product,” Brixton Co-Founder and Brand Manager David Stoddard commented. “The design team draws on the interests and styles of the people who come to work here every day. Whether it’s music, skateboarding, surfing, motorcycles, classic cars or whatever, our employees as well as our athletes and artists are contributing from their own passions and interests. With Altamont’s investment and experience, we plan to grow our business and brand while continuing to stand out in the industry by producing high quality, timeless pieces with a modern perspective inspired by things our customers love.”
Brixton will continue to operate from its headquarters in Oceanside, led by a senior executive team comprised of Young as General Manager, Stoddard as Brand Manager and Chapin as CFO. Several members of the Altamont team will join the board of directors, including Scott Olivet, who will become Chairman and is an Operating Partner at Altamont with a background that includes senior roles at brands including Converse and Oakley.
Based in Oceanside, California, Brixton is a surf, skate and streetwear apparel brand founded in 2004 by three friends who wanted to convey their lifestyle through unique products. The clean, classic design of the Brixton collection has a modern yet timeless feel and each piece is constructed with the commitment to bringing customers quality products they’ll want to hold onto forever. For more information on Brixton, visit www.brixton.com and follow @brixton.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with over $1 billion of capital under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries including financial services government services consumer/retail industrials and healthcare.