NIXON

Andy Laats and Chad DiNenna established Nixon.

Both Laats and DiNenna worked in the action sports business and met through mutual acquaintances in those circles.

When Laats and DiNenna met to discuss the launch of Nixon, he was a former snowboard product manager at Burton with an engineering degree from Cornell University and was in the midst of receiving his Master of Business Administration (MBA) from Stanford University. DiNenna, a Southern California native, studied communications at California State University, Long Beach, and worked in publishing for five years at TransWorld Media before founding Nixon.

Nixon was founded in 1997 by Laats and DiNenna, who collected roughly $1 million from venture capitalists. The first catalog was launched in 1997, with seven models available through 200 dealers. Nixon established a subsidiary in France in 2000, and by 2005, the company had 90 models and 60 staff, with yearly sales increasing by 55%.

Nixon was purchased by Billabong International in December 2006 for roughly US$55 million, with a delayed payment of approximately US$76 million due in FY 2012.

Nixon re-emerged as an independent brand in the spring of 2012, following six years under the Billabong umbrella of brands. Nixon reached an arrangement with Trilantic Capital Partners ("TCP") and Billabong, each of whom now owns 48.5 percent of the company, with Nixon management, including Laats and DiNenna, holding the remaining 3%. Nixon is valued at roughly US$464 million as a result of the deal, which represents a 9.2x LTM EBITDA multiple.