Surf apparel company Gotcha International LP, which was founded in 1978 and later filed for bankruptcy, is being sold to Miami-based Perry Ellis International Inc., the company said last week.
Terms of the cash deal weren’t disclosed. The sale is expected to close in January.
Newport Beach-based Gotcha, which owns and licenses apparel-related trademarks including the Gotcha and GirlStar names, is primarily owned by Marvin and Sherri Winkler.
The company was founded in a Laguna Beach garage by Michael Tomson and Joel Cooper. The founders and investor Merrill Lynch & Co. later sold their Gotcha stakes to the Winklers.
Gotcha gear is sold through surf, specialty and department stores in 20 countries.
Gotcha filed for bankruptcy in 2002. At the time, Gotcha was mired in a licensing battle with Ederel Sport Inc., which had made surfwear under Gotcha trademarks. Ederel sued Gotcha, alleging breach of contract among other claims. Gotcha countersued.
Gotcha struggled to compete in the crowded surfwear industry. At its peak in the 1980s, Gotcha’s global sales were reportedly upward of $100 million, but now are just a tiny fraction of that amount.
The Winklers bought a 50% interest in Gotcha in 1996 and a majority interest in the company a year later.
Perry Ellis already has a presence in OC.
Last year the company bought surfwear maker Redsand Inc. from its founders and moved the company to Irvine from Encinitas. Founded in 1985, Redsand makes surf trunks, shirts, pants and other clothes.
Perry Ellis is known for its namesake brand and makes clothes under the Nike and Ping labels, among others.
Meanwhile, Marvin Winkler’s latest venture is Irvine-based Planetwide Games Inc. Winkler is looking to take the video game and software developer public.
Planetwide recently said it plans to combine with SP Holding Corp., a publicly held shell company, in order to take its listing on the over-the-counter bulletin board.
Winkler is Planetwide’s chief executive.
,Mike Mason
