It’s been rumored forever and denied forever, yet strangely today it was officially announced that Volcom, the big, powerful, publicly traded company has purchased tiny, core, eyewear company Electric Visual for $25.5 million in cash. Wooly is happy about it.
Culturally, Electric is a perfect fit for our company,” Woolcott continued. “We’ve known the Electric team for a long time, and we recognize they share the same passion and love for action sports as we do here at Volcom. Our companies are very much on the same wavelength, sharing similarities in product distribution, marketing efforts and a strong commitment to quality and innovation. Everyone here is stoked to welcome Electric into the Volcom family.”
Bruce Beach, who continually denied any such thing likes the idea as well (not surprisingly).
We believe this partnership will enable us to take the Electric brand to the next level,” said Bruce Beach, co-president and chief executive officer of Electric. “We are very excited about working closely with the Volcom team to grow our existing eyewear business and further expand into new product categories. Additionally, this partnership will enable us to grow our retail relationships and to continue to strengthen our operational capabilities.”
And we’re happy because it means we know at least four more millionaires. . . and they’re good people to know.
[Link: BusinessWire]
