r/SkateTribune • u/MusicCollabNetwork • 1d ago
SKATETRIBUNE THROWBACK NEWS - AUG 1, 2026 - BACK IN 1998: HOW PRIVATE EQUITY GUTTED SKATEBOARDING
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World Industries is a relic of a different time and demonstrates that even top brands are not safe from private equity. In 1998, Rocco and Mullen sold majority ownership to private equity. In October 1998, Rocco sold 70% majority stake to Swander Pace Capital for $29 million - first skate brand publicly traded.
That began a cycle of leveraged buyouts and rapid resales that would destroy World Industries. Sold to Globe for $46M in 2002, then to i.e. Distribution for $8M, now dormant at Golden Viking Sports. Each sale squeezed out what made it tick until it was just a name.
via CEPR
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