Following speculation, HUF Worldwide has announced its sale to TSI Holdings, a Japanese company managing a portfolio of leading apparel brands --- TSI acquired a 90 percent stake in HUF at the price of $63 million. The move comes as HUF partnered with investment firm Altamont Capital Partners back in 2014 in order to support growth and to expand overall business, including that of the Lakai Limited Footwear brand, which is also a part of the current TSI transaction, all of which is to be completed by December 15.
“TSI is a great strategic partner and brand platform for HUF," says Steve Holley, HUF CEO. "The transaction gives us immediate access to the broader global marketplace in a way that would take us many years to achieve on our own. We are excited for HUF’s future as part of TSI.”
HUF's founder, Keith Hufnagel, then went on to add: “We’ve had a long relationship with TSI as our distribution partner in Japan. I have total confidence that they understand HUF as a brand and that we will be able continue to create amazing product, which is the most important thing to me. I also want to thank Altamont and the team there for all of their support – they have been great partners.”
HUF will continue to operate as an independent global company, led by Keith Hufnagel, Steve Holley, and Jon Brubaker (CFO), all under TSI.
Per Tadashi Saito, President of TSI, “The acquisition of HUF is a key pillar in our strategy for global expansion and we are very excited to conclude this deal. We see huge potential for HUF both in the U.S. domestic market and throughout Asia. We believe HUF’s irreverent DNA has the power to transcend cultures and borders and therefore has truly universal appeal.”
HUF was founded by Keith Hufnagel in 1994 and has since gone on to become a pillar in the skate and streetwear scenes.
For more from the brand, be sure to take a look at their recent collaboration with 'South Park.'