I reached RVCA Founder Pat Tenore this morning and asked him for reaction to the Billabong news, including about Altamont’s investment into Billabong and the announcement that Scott Olivet will be the new CEO.
Billabong acquired RVCA, one of the top-performing brands in the industry, in 2010 for an undisclosed sum.
“This is the best possible outcome,” Pat told me. “I met with Scott during the due diligence process, and he cares a lot about founders, about what the DNA of a brand means for the future growth of brands, and that this is all about a lifestyle.
“I’ve read up on his background, and he has a damn good track record. He was involved in the Nike/Hurley deal, in Red with Jim Jannard, with Oakley. He also understands the magic of retailers, and the importance of mom-and-pop shops in this industry. The guy’s great.
“The deal with Altamont also includes working capital for the company, which we need for sales, marketing and design. We’ve been growing and doing well, but without a lot of working capital. With more working capital, it’s going to be amazing.”
