Hobie Cat Co., the U.S. company operating in the surfing, paddle sports, sailing and SUP markets, has reportedly been sold to a private equity group consisting of executives from Maynards Industries, an industrial auction house. According to a report in SGB Executive, Hobie Cat “was discretely sold” to a team of executives, led by Taso Sofikitis, who is also Hobie’s new chairman, on Jan. 25. In an interview with SGB, Sofikitis said that the new owners decided to venture into the surf, paddlesports and SUP market, although they have no direct experience in the segment, because of the long-term growth potential of the outdoor recreation industry and, more specifically, the booming trend in the sales of kayaks and other watercraft products. The new ownership plans to invest more in product development and production efficiencies while expanding the brand’s global reach, Sofikitis said.