Confluence deal to acquire Whetstone falls apart - SNEWS

Confluence deal to acquire Whetstone falls apart

Confluence Watersports' deal to acquire Whetstone Inc., a manufacturer of carbon finger paddles designed for touring and whitewater, fell apart, barely more than a month after the initial agreement was announced.
Author:
Updated:
Original:

Confluence Watersports' deal to acquire Whetstone Inc., a manufacturer of carbon finger paddles designed for touring and whitewater, fell apart, barely more than a month after the initial agreement was announced. According to sources at Confluence, the deal had been tentatively approved by William Carpenter, Whetstone's owner, prior to Outdoor Retailer Summer Market. However, upon final review by Carpenter's other partners, Whetstone Inc. decided that acquisition would not be in the company's best interests now. Carpenter would tell SNEWS® only that he had the greatest respect for Buff Grubb, a Confluence brand manager, and others on the Confluence team. SNEWS® View: Paddles are one product category that Confluence is missing from its lineup. Whetstone would have not only added the paddles to Confluence's mix, but it would have added Carpenter, and that loss hurts more. Teaming a paddlesport industry veteran such as Carpenter with another talent already in Confluence's pool, Buff Grub, would have added design expertise that would have been quite remarkable. For now though, the two companies will continue on their separate paths -- with Confluence still seeking a fit for the paddle void.

Related

Did you hear?... Confluence to aquire Whetstone Inc.

Confluence Watersports announced it has reached an initial agreement to acquire Whetstone Inc, a manufacturer of carbon fiber paddles designed for touring and whitewater use. Once acquired, Whetsone paddles, until now distributed directly, will be sold only through Confluence ...read more

Confluence_BombGear_Thumb.jpg

Confluence Watersports acquires Bomber Gear

In what marks the first acquisition Confluence Watersports has made since Sue Rechner took the helm as CEO on Dec. 17, 2007, the company has announced the purchase of Bomber Gear. Terms of the deal were not disclosed. Bomber Gear, originally founded in Durango, Colo. in 1992, is ...read more

Confluence continues to paddle rough water

Confluence Watersports was forced to eliminate 71 positions on April 19, resulting in 69 layoffs. Of the two who were not laid off, one was a company controller who was let go in January and the company has decided not to fill the position. The other, Keith Wallace, was the ...read more

Confluence Continues To Paddle Rough Water

Confluence Watersports was forced to eliminate 71 positions on April 19, resulting in 69 layoffs. Of the two who were not laid off, one was a company controller who was let go in January and the company has decided not to fill the position. The other, Keith Wallace, was the ...read more

Medlin ousted at Confluence

Bill Medlin is no longer the CEO of Confluence Watersports following a 4 p.m. decision Monday to oust him. This decision comes only five days after Confluence was forced by the company's new majority owner, American Capital Strategies (ACS), to eliminate approximately 30 percent ...read more

Confluence sells Pro Canoe and Kayak interest to Zimmerman

Confluence Watersports has sold its majority interest in Pro Canoe and Kayak, a Greensboro, N.C.-based paddlesport retailer with three locations, to former Confluence CEO Andy Zimmerman. Justin Evans, Pro Canoe's General Manager and COO, is also a minority investor along with ...read more

ACS adds WaterMark's name and the company's boat division to its Confluence Holdings biz

Confluence Holdings Corp. has agreed to acquire the watersports division's assets of WaterMark Paddlesports Inc., including WaterMark's paddlesports brands, the WaterMark name and WaterMark's assets in Easley, S.C. The transaction is expected to be completed by May 16. All told, ...read more

Confluence Lays off 18 percent of Staff

Confluence Watersports Company has laid off 48 employees in its North Carolina facility and 7 employees in Vermont, Andy Zimmerman, CEO of the Trinity, North Carolina-based company, confirmed with SNEWS on March 29. That leaves 250 employees. Zimmerman insists that despite rumors ...read more

Despite published reports, Henry NOT working for Confluence

Jim Henry, founder of Mad River, is neither working for Confluence nor in discussions to work for Confluence, despite two published reports that indicate otherwise. One story, "Confluence Battens Down," published in the November/December issue of Paddlesports Business, quotes ...read more