Danish sailmaker Elvstrom Sails was sold to a group of private investors led by triple Olympic medalist and America’s Cup skipper Jesper Bank and Elvstrom’s former CEO Claus Olsen.
The group purchased the company from Peter Jorgensen, who acquired the company a year and a half ago.
Olsen will assume the role of CEO and Bank was appointed commercial director. Bank was a member of the board of directors of Elvstrom Sails from 1992-2001. As technical director, Andrew Smith will be responsible for overseeing design and production at the company’s headquarters in Aabenraa, Denmark.
“As we now have the expertise and capacity to produce much larger sails in-house, we plan to have at least 25 percent of our turnover from sails produced for the over 70-foot market, including superyachts. Yachts of these sizes require durable and reliable sails, and we have the latest in sailmaking technology to produce this level of product,” Bank said in a statement.