North Sails, the brand founded in 1957 by Lowell North, has been acquired by Oakley Capital, a private equity firm.
North Sails Group is a leader in sailmaking technology, holding the patent for 3Di, a construction process resulting in high-performance, non-panelled composite sails.
The insignia is the sailmaker of choice on the majority of America's Cup. The brand also manufactures more 3D and panelled cruising sails than any other sailmaker in the world.
The division operates 147 sales and sail care sites in 63 countries, with manufacturing facilities in the United States and Sri Lanka.
North Sails will continue to be headquartered in Milford, Connecticut.
"I purchased North Sails from its founder, Lowell North, over 30 years ago and am confident the new shareholder, Oakley Capital, will continue Lowell's legacy to help launch North Sails into its next stage of development," says Terry Kohler, owner of Windway Capital Corp.
In 2013, the North Sails Group revenues reached 157 million dollars. Oakley Capital has acquired a majority stake in North Technology Group.
The total enterprise value of the business is 131 million dollars.
"We are delighted to be backing an iconic brand like North Sails," says Peter Dubens, managing partner of Oakley Capital.
"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."