Wayne Edy, the founder of Inov 8, has acquired a 25 percent stake in Garmont International from Veneto Sviluppo, the regional investment fund that joined Prisma 2 in its takeover in 2014. Edy has been successfully distributing Garmont's military boots in the U.S. for many years through a firm in Jacksonville, North Carolina, called Tactical 8. He founded Inov 8 in 2003 and brought in an investment company in 2012 before Descente took a controlling stake of 80 percent in 2015, leaving Edy with a 20 percent stake in Inov 8. Headed up by Pierangelo Bressan, Prisma 2 is still Garmont's controlling shareholder with about 71 percent of the shares. Garmont's chief executive, Terry Urio, holds a stake of 3.5 percent. Military boots may soon represent one-third of Garmont's total sales volume.
Related articles
-
News briefsGreen Theme Technologies secures $6m for expansion
The US sustainable textile and materials science company raised funding to advance eco-friendly technologies for various high-performance markets.
-
ArticleAccell Group secures creditor support for recapitalization
The company’s creditors approved the restructuring plan, paving the way for recapitalization implementation.
-
News briefsNewell Brands prices $1.25bn in notes to refinance debt and extend maturity profile
The parent of Marmot, Coleman, Contigo and Campingaz has announced $1.25 billion in new notes to refinance existing debt, supporting longer-term financial flexibility.