Former Electric CEO Eric Crane at Outdoor Retailer in January with the new Volcom goggles – SES file photo
Electric Visual Evolution has a new majority owner – FitLab, a global fitness and sports lifestyle company based in Newport Beach, according to a statement from the company.
FitLab’s portfolio includes Freeletics, Spartan Fit, XPT with Laird Hamilton and Gabby Reece, and RPM Training Co.
Former CEO Eric Crane is no longer involved in the day-to-day operations of the brand, the company said. His wife, Abbie, who ran the women’s division for four years, announced her departure on Instagram over the weekend.
It is unclear if the Cranes still have an ownership stake in the business. We reached out to Eric, but he declined to comment at this time.
When SES asked Electric if the Cranes still had an ownership position, the company said ownership/equity is not discussed publicly because Electric is a private company.
FitLab Co-CEOs Brian Kirkbride and Mike Melby have backgrounds in technology, fitness, private equity and venture capital, according to the FitLab website. Kirkbride has an MBA from Harvard University and Melby has an MBA from Wharton School of Business at the University of Pennsylvania.
“Over the last 20 years, the team at Electric have built an absolutely iconic brand in sport lifestyle, and we are thrilled to join them for the next 20 years and beyond, as we share a common belief in the inherent power of sport, authenticity and individuality,” Melby said in a statement.
Longtime Electric executive Steve Hurst, currently COO, remains with Electric as does Marketing Director Ian Foulke.
Hurst stressed in a statement that Electric remains dedicated to its retail relationships.
“Electric will continue to focus on designing, producing, and distributing world class eyewear,” Hurst said. ”Electric is dedicated to the relationships we’ve made with our retailers and sales reps over the last 20 years, and we’re motivated to grow together in the future. Our partnership with FitLab provides the platform needed to strengthen our retailer bonds and tell new stories for the next 20. This brand has such an incredible history and an amazing extended family who have all contributed to the good times and awesome accomplishments. Electric owes all of you a big ‘thank you’ for the support. We’re on to the next chapter.”
