After hitting a detour at Moose Jaw and taking a wrong turn at Medicine Hat Mr. Curious hitched a ride to Saskatoon where he was able to hire a dog sled for the remainder of his journey in the Great White North. When news of Procaps financial distress finally became public recently Mr. C was already on the hunt and re-doubled his efforts to nail this story down. Rumors have been swirling like an icy wind that a couple of paintball concerns were potentially interested in buying the company and VFTD received the news by carrier pigeon from Mr. Curious mere moments ago. In a wickedly entertaining twist of the fates it seems that Richmond Italia (GI Sportz) is the new owner in a move that reunites Mr. Italia (and a number of his staff) with the company he originally founded more than a decade ago. Reports are the deal was inked yesterday. No word on when an official announcement will be forthcoming.
UPDATE: It seems the folks at Procaps are playing dumb (or outright denying) the done deal but VFTD has confirmed the sale from a number of sources.
Tuesday, November 15, 2011
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33 comments:
as a business owner myself, curious to know where they went wrong to put themselves into financial distress. But many times an owner sells out a successful company only to watch it flounder and they come back and make it better than ever. My bet is that will happen here too. (but for the record I have always been an RPS supporter)
HA! He's like a paintball version of Steve Jobs... (kinda)
haha. i was actually going to say like Steve Jobs - but didn't want to go into a huge detailed explanation that he wasn't technically just like Jobs - bought out, but was let go, then came back for $1 annual salary, and all those other pesky details.
Steve Jobs was a horrible person. Cade, I think you owe Richmond an apology.
First the NPPL does it, now Richmond.
Dang, I need to make a pb company, sell it for millions to some non-pb folks - then come back in a few years after a long vacation and buy it back from them for cheap! It's paintballs new business model! :)
"Dang, I need to make a pb company, think I will sell it for millions to some non-pb folks - then come back in a few years and realize I am broke and there is no hope in this business! It's paintballs existing business model! :)"
Fixed above comment.
Those allegedly in the loop are getting no confirmation of the sale, or for that matter a denial, just the answer "no news yet!"
Procaps owed hugely on a LOC that their bank called in. Suppliers also owed hugely. $20M+ USD is what Richmond supposedly paid...
Please, please, please be true
I would like to know your so called sources, that you somehow confirmed a non existent sale.
I was under the impression that Richmond was in the process of moving to Cuba. Several sources of mine have confirmed.
Anon #5
And why should I or anybody else take you seriously? If you've got any standing to try and deny the sale step forward.
Anon #6
Does the one preclude the other? (If true I assume they'd still have to ship to U.S. via Mexico or Canada anyway -- if products of Cuba are even allowed.)
I have as much standing as you are disclosing here. It is really easy to just say this is true and I have sources. As Anonymous#6 tried displaying there.
"a move that reunites Mr. Italia (and a number of his staff)" Mr. Italia staff that you are referring to from when he was at Procaps currently work at GI so that is not a reunion.
Anon
The parenthetical attaches the contents within the parentheses "and a number of his staff" to Mr. Italia. Making exactly the point you don't think it does. Reading comprehension.
Everybody who has been around this blog for any length of time knows who I am and if they don't it's easy to find out. Even FaceFull knows--go check their webpage.
In the meantime I guess you'll just have to stew until a formal announcement is made.
I don't think that him moving to Cuba necessarily precludes the sale, and shipping out of Canada would be a must with the whole US/Cuba embargo.
Assuming you have some integrity, then you shouldn't have a problem with providing solid proof regarding the alleged sale of Procaps to Richmond Italia. As of now, you only have an opinion.
"Assuming you have some integrity, then you shouldn't have a problem with providing solid proof regarding the alleged sale of Procaps to Richmond Italia. As of now, you only have an opinion."
What if he can't provide proof because there is none?
Anon #5
You are a toolbox. You want to me to out my sources in a public forum and you call that integrity. I'll give you this: I have a minimum of 3 separate sources for this report. BTW, I take it back--you're dumber than a toolbox, you're a moron. Wait, is a moron dumber than a toolbox? Six of one half a dozen of the other. And I still don't know who you are. (Except of course that you're a anonymous moron/toolbox.) But please, keep it coming.
Classy Baca Loco
That's me.
Anon: If you had been reading this blog for any length of time you would know that Baco's track record is pretty good.
Since when does the word "source" equate to the meaning of the word "proof"? It seems Anon #5 has a point. Grab more details when you can, Baca.
RI has replaced "EL PRESIDENTE" in the "Worker's Paradise" and has now ordered all female virgins formerly wrapping cigars between their thighs to now make paintballs in the same fashion!
The new catch phrase is, "They shoot straight, and smell great!"
Jesus, if nobody wrote any articles on anything until people were willing to confirm it on the record, there wouldn't be a Washington Post, New York Times, or Fox News.
"Unnamed Sources" are the proof, you just have to decide if you want to trust the person who says he talked to unnamed sources. Baca has established a pretty good reputation about only posting things that are legit, so given his track record, it would be reasonable to believe him absent any other indications to the contrary (And the principles not yet announcing only means they haven't announced yet.)
Hey Anon, still a moron. :)
Baca would you be willing to list sources in an email provided the person receiving such email signed a non-disclosure until such time that the news is made public?
I think the best thing about breaking some news is being able to read the righteous indignation of people who don't want to believe it.
In a strange twist of events. A high profiler player in the industry contacted a friend of his who is a high up suit at REDBULL and now RedBull has been named as the new owner of Procaps. Redbull insisted on their name being kept confidential in the bidding process. News on this will be released shortly. RedBull is the leader in supporting Extreme Games and wanted to get more involved in Paintball. They have been a sponsor of many major paintball events over the years and have done major research.
Looks like Procaps will have WINGS!!!!
Yeah, the difference is you're Anonymous and he's Baca.
http://i.imgur.com/5rRbL.jpg dude... check this out.
Cool Anon
Alas, no way. My sources are friends of mine and I have no intention, document or not, of trusting an anonymous internet moron. A non-disclosure isn't protection against screwing my friends over.
Anon #6
Windows Paint? Why aren't you clever?
Actually Photoshop CS6 Dev release. Would've taken too much time to make a vector based image. Any ideas on when there will be an official announcement?
HA! He's like a paintball version of Steve Jobs... (kinda)
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