Tanfield update on Snorkel ownership dispute

UK-based Tanfield Group said its legal dispute with Xtreme Manufacturing and Don Ahern over their shared ownership of Snorkel International is likely to proceed with a jury trial in Navada in late 2025.

Xtreme took legal action against Tanfield in October 2019 alleging that it had not complied with contractual obligations to sign over its interest in Snorkel at a zero price because Snorkel had not achieved a 12-month EBITDA profit exceeding US$25 million before 30 September 2018.

Tanfield, which has been a 49% shareholder of Snorkel since its joint venture with Xtreme in 2013. said it denies that this was the intent of the contract between the parties and that it will “vigorously defend its position”. Tanfield values its shareholding in Snorkel at £19.1 million.

In its financial reults for 2024, published on 17 April, Tanfield reported Snorkel’s sales for the first nine months of 2024 of $137 million, down 5% on the same period in 2023. There was a $1.6 million operating loss for the nine month period.

Tanfield said Snorkel’s full year revenues in 2023 were $188.7 million, a 12% increase over 2022.