SAN DIEGO, Jan. 12, 2017 /PRNewswire/ -- FlyDive, a leading U.S. manufacturer of recreational hydroflight watersports products, today announced the acquisition of Jetpack America, an industry leader in hydroflight experience rentals and product sales, for an undisclosed sum.
Founded in 2011, Jetpack America was one of the pioneers in the emerging hydroflight industry, providing water jetpack and jetboard sales and rentals in several locations in the Southwestern U.S., including San Diego, California and Pahrump, Nevada. The company has been renting jetpack and jetboard experiences to recreational watersport customers since the inception of hydroflight, conducting more than 30,000 flights, and has become a leader in the industry. In the Summer of 2016, the company, led by owner Dean O'Malley, produced the largest open-format hydroflight competition in the world, Hydro-Fest, featuring all major types of water-jet-powered products (such as jetpacks, jetboards and jetbikes) piloted by top international athletes.
Jetpack America's goal is to bring hydroflight experiences to the mass market of recreational watersports enthusiasts, and additionally to help other industry resellers to become successful in renting and selling hydroflight products – they do this by empowering collaboration through a focus on highest quality hydroflight instructional training and product expertise. Founder Dean O'Malley is looking forward to working closely with FlyDive management to develop future business opportunities, strategic partnerships and best practices for growing FlyDive and Jetpack America business, and helping to further hydroflight technology and product innovation aimed at advancing the industry.
"We are extremely excited about the strategic alignment between Jetpack America and FlyDive," said Jetpack America owner Dean O'Malley. "Bringing Jetpack America's experience, industry knowledge and online sales strength together with FlyDive's best-in-class equipment will combine the best of both worlds, from top-notch rentals and training to industry leading equipment, marketing and distribution. Our customers have been incredibly impressed with the easy-to-use FlyDive X-Board, preferring it over any other product we offer. We see tremendous opportunity working together, utilizing Jetpack America's rental operations as a proving ground for FlyDive, which will continue to innovate and lead the industry with user-friendly hydroflight products for the mass market."
"Our acquisition of Jetpack America opens up new opportunities for growth in the U.S. marketplace and beyond. Dean O'Malley has grown Jetpack America to be a leader in hydroflight experience rentals, product sales, and instructional best practices for this fast-growing sport, and he will be instrumental to the continued success of the business," said Christos Nicolaidis, CEO of FlyDive. "Dean shares our vision for growth in the industry, and we look forward to having him as an integral member of the FlyDive team, as we pursue expansion. This acquisition will bolster FlyDive's ability to better serve dealers, rental operators, customers and athletes throughout the industry. The San Diego location at Mission Bay will afford us the ability to rent hydroflight experiences to watersports customers, provide demos for new dealers and hold group and corporate events. The Pahrump, Nevada location, with it's private lake resort venue, will enable testing and development of new technology as well as production of large scale spectator events. This acquisition is a very strong step toward diversifying revenue and equipping FlyDive for healthy growth into the future."
"We're delighted to announce this great addition to our portfolio of companies alongside leaders such as FlyDive," said Jim Plante, Founder of Thynk Capital. "We're excited to see what the combined powers of Jetpack America and FlyDive can do together to grow the hydroflight market. The U.S. market comprises approximately 60% of all personal watercraft sales (which power hydroflight products), and with the synergy between FlyDive and Jetpack America, both headquartered here in the United States, along with the backing of Thynk Capital, the potential growth for the companies looks strong."
Safe Harbor Statement
This press release contains comments that are "forward looking" statements that involve risks and uncertainties; these statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Any number of important factors could cause actual results to differ materially from anticipated results, including, but not limited to, the potential for the acquisition to not close by the anticipated date, or at all, due to a variety of factors, including due diligence review.
About FlyDive, Inc.
FlyDive is a San Diego-based manufacturer focused on design, engineering and sales of innovative Hydroflight products. The company is driven by its mission to make Hydroflight easy, safe and accessible for everyone. The company has grown into a global innovation leader in Hydroflight, developing proprietary designs that deliver exceptional, easy-to-learn Hydroflight experiences, and holding the most comprehensive patent portfolio in the industry. With its unparalleled distribution, safety training and instruction systems, dealer support and service, FlyDive has become the choice of premier powersports and marine retailers, rental operators and watersports product distributors. Learn more at FlyDive.com.
Christos Nicolaids, FlyDive CEO
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