Welcome to the podcast Organized Money. You can listen to today’s episode on Apple on Spotify, or wherever you get your podcasts.
The business of skateboarding has grown from an independent, DIY culture into one almost completely dominated by private equity groups. How did it get gobbled up? In this episode David teams up with former “skate rat” and researcher Daniel Stone of the Center for Economic and Policy Research to expose how private equity has quietly, and sometimes catastrophically, taken over the world of skateboarding. What started as a subversive, counter-cultural movement has become a hunting ground for financial firms snapping up iconic skate and surf brands, only to leave them saddled with debt, stripped of their soul, and disconnected from the local shops and skaters that built them.
From the leveraged buyout and hollowing out of World Industries, the collapse of Dwindle Distribution and Enjoi skateboards, and Boardriders’ massive bankruptcy, we see how these firms disconnected iconic brands from their roots, gutted skate teams, and contributed to the decline of local skate shops. This episode is a cautionary tale, showing how even the most rebellious sides of youth culture aren’t safe from Wall Street’s relentless appetite. Check out Daniel's report No Comply: Private Equity and Skateboarding.
Listen via Apple or Spotify, or wherever you get your podcasts.
Another thing we’re doing this year is providing transcripts and video for every episode. Check your inbox for that soon.
Thank you so much for listening. If there’s a monopoly you’d like us to explore this year, or if you have anything else to tell us, please let us know by leaving a comment or by responding directly to this email.