U.K.-based Oakley Capital Private Equity bought North Technology Group’s family of companies, including EdgeWater Boats and North Sails.
Oakley, founded by U.K. businessman and sailing enthusiast Peter Dubens, announced the acquisition of a majority stake in the company.
“We are delighted to be backing North Technology Group and an iconic brand like North Sails,” Dubens said in a statement. “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, North Technology Group consists of three major marine brands: North Sails, Southern Spars and EdgeWater Boats. Included in the family are North Thin Ply Technology and North Cutting Systems.
The acquisition will further align North Sails with other North Technology Group companies, specifically Southern Spars. Completing the transaction results in the ability to better share resources and technology between the two brands.
“North Sails and Southern Spars have been working together for years on various projects, from the America’s Cup to the new J-70,” North Sails President Ken Read said in a statement. “A well-kept secret is North Sails Design Services, a combination of North Sails designers and proprietary computer programs, working together to answer questions traditionally identified during sea trials. I’m hopeful stronger synergy between North Sails and Southern Spars will result as we continue to provide the best products to all sailors. It’s an exciting time for North Sails and for the sport of sailing.”