British company acquires North Sails
March 13, 2014
A British company has acquired a majority stake in the company that owns Minden firm North Sails.
North Technology Group has been taken over by Oakley Capital Private Equity. Oakley was founded by magnate Peter Dubens, who is a sailing enthusiast.
North Sails has had a factory in Minden since 1994.
"We are delighted to be backing North Technology Group and an iconic brand like North Sails," said Dubens. "This investment further demonstrates Oakley's appetite to work with successful entrepreneurially led businesses. We are hugely excited by the potential of North Sails and look forward to working with the management team in the next stage of its evolution."
Originating with North Sails, founded by Lowell North in 1957, NTG comprises three market leading marine brands; North Sails; the world leader in sailmaking, Southern Spars; the world leader in composite spars, rigging and marine components and EdgeWater Boats; a line of high performance outboard sport boats, all focused on providing innovative, high performance products and solutions to the world's sailors and yachtsmen. Included in the family are North Thin Ply Technology and North Cutting Systems.
"I purchased North Sails from its founder, Lowell North, over 30 years ago," said Terry Kohler, owner of Windway Capital Corp, the previous majority shareholder in North Technology Group. "I am confident the new shareholder, Oakley, will continue Lowell's legacy to help launch North Sails and the NTG companies into their next stage of development. We are all extremely proud to have been growing our 'Engine Above the Deck' concept with North Sails and Southern Spars to become the undisputed market leader in sails and composite spars. North Sails has been on every America's Cup challenger and defender, was the sail supplier to every winning Volvo Ocean Race boat and our sails have been used by countless ocean, Grand Prix race winners and Olympic sailors. During my tenure, technology used from sailmaking led to the development of North Thin Ply Technology and North Cutting Systems. In addition, we've built EdgeWater Boats into one of the top brands in the outboard industry. I wish Oakley and the North Sails management team future success as well as my pledge of commitment for continued support."