Adventure Sports Inc. (ASI), the owner of Maui-based water sports company Cabrinha, is taking over Dakine's hydrofoil and wind-related products.
ASI reached an agreement with Marquee Brands, the global owner of the legendary Dakine brand, to take over the company's kitesurfing and windsurfing segment.
Dakine is currently operating in the snow, surf, bike, and wind sports market, producing backpacks, accessories, technical bags, apparel, and gear for those business sectors.
With the deal, ASI plans to blend Dakine's product development, testing, and design team with Cabrinha's marketing and distribution network and technical support.
All Dakine and Cabrinha products will be created, developed, and tested in Maui, Hood River, and Miami to get the broadest possible range of conditions.
Dakine's wind sports executive operation will join ASI's headquarters in Miami.
ASI expects to expand both brands' portfolio significantly in the upcoming months and years.
"You couldn't dream of a better pairing than Dakine and Cabrinha," notes Kent Marinkovic, CEO of ASI.
"They are two of the most iconic brands in wind sports, and each has introduced several industry-changing innovations that have shaped the way that many of us enjoy water sports today."
Merging Giants
Rob Kaplan founded Dakine in 1979 in Haiku, Maui, Hawaii.
The company's first product was the adjustable foot strap for windsurfing boards.
In 1986, the company moved its headquarters to Hood River, Oregon.
In 2009, Billabong acquired Dakine for $100 million but, four years later, sold it to Altamont Capital Partners for $70 million.
In 2018, Marquee Brands announced that it had acquired the Dakine brand and all related intellectual property.
ASI, which now controls Dakine's wind business, is a subsidiary of Waterbound Investments, led by Jon Modica.
In February 2020, Pete Cabrinha and Modica teamed up to buy the Cabrinha brand and its assets.
"Dakine and Cabrinha are the bedrock of the kiteboarding industry, so this is a winning combination," concludes Jon Modica, chairman of Waterbounds Investments.
"Every kitesurfer knows somebody who learned on a Dakine harness and Cabrinha Kite."