Volcom to Buy Eyewear Company Electric Visual for $25.3 Million With Added Incentives
COSTA MESA, Calif. (AP) -- Volcom Inc. said Wednesday it has agreed to acquire eyewear and apparel company Electric Visual Evolution LLC for $25.3 million, with additional earning incentives. Volcom will maintain the Electric Visual brand with its volt logo but operate it as a subsidiary. Electric Visual posted sales of about $23.5 million last year. Last year, Volcom reported revenue of $205.3 million.
"Culturally, Electric is a perfect fit for our company," Volcom Chief Executive Richard Woolcott said in a statement. He said the two companies are "very much on the same wavelength" in products and marketing.