Rhythm Japan, an Australian-owned Japan-based snowsports retailer, has been acquired by North American retail group evo for an undisclosed amount.
The deal will see evo acquire 100 per cent of the shares of Rhythm Japan with Australian co-founders Matthew Hampton and Mick Klima becoming part-owners of the US company.
“For me personally, it means we'll be working alongside like-minded humans that are equally as driven as we are, as we continue to push forward and expand the business towards a global level,” co-founder and CEO Matt Hampton told Business News Australia.
Australian owners Hampton and Klima opened the Japanese spin-off business in 2005 to increase accessibility to equipment required for Japan’s unique snow conditions.
The business operates stores in Niseko, Hakuba and Furano and is involved in the retail, rental and experience space.
As many competitors hit the brakes on expansion, due mainly to COVID-19, Rhythm Japan is looking to lean on evo’s extensive experience in e-commerce as it pushes forward in that direction.
For evo, a leading online retailer that operates nine stores across the USA and Canada, the deal will also provide a gateway into the APAC market.
“The two businesses very much complement each other and will be able to utilise each other's strengths to complement each other's businesses,” says Hampton.
“Our business in Japan is really focused on ski resorts, retail and rental, where we have really grown the rental business to be a very premium service. On the flip side, evo are experts in e-commerce, and that's the area of business that we're moving into in Japan.
“They're moving into rental in North America, so we're going to be able to capitalise on each other's strengths to round out both businesses.”
Rhythm Japan will continue to operate under the same name and management teams with Hampton at the helm. He will also join the evo leadership team as managing director, APAC Region.
Collectively, the group now employs close to 830 people.
“evo and Rhythm are kindred spirits, and we are grateful to have the opportunity to join forces with the Rhythm family,” added Bryce Phillips, founder and CEO of evo.
Rhythm Japan’s sister business Rhythm Snowsports, owned by Mick Kilma, has been operating since 1985 and is one of Australia’s largest snowsport stores selling over 200 brands at the flagship Cooma store in NSW.
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