NEW YORK — Action-sports titan Volcom, Inc. Wednesday announced its acquisition of Electric Visual Evolution. Volcom purchased the San Clemente, Calif.-based eyewear brand for $25.25 million in cash, due to Electric shareholders upon the closing of the transaction. If Electric achieves certain milestones during the next three years, shareholders will be eligible for an additional $21 million.
Electric, which will be maintained as a wholly-owned subsidiary of Volcom, produces action-sports oriented sunglasses, snow goggles, T-shirts, and other accessories. Kip Arnette, son of Arnette Optical Illusions’ founder Greg Arnette, co-founded Electric in 2000 with former Arnette COO Bruce Beach. The brand has since found homes in many of the action-sports worlds’ most respected retail accounts, and in 2007, achieved net sales of about $23.5 million.
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