Newell Brands has reached a "definitive agreement" to sell its winter sports brands to the private equity group Kohlberg & Company, L.L.C. Included in this group of companies is Volkl, K2, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA. This sale appears to be the end of a couple months of turmoil for these ski and snowboard brands that began shortly after Newell Brands acquisition of Jarden, the previous parent company.
The total net sales of the winter sports brands were reported to be "about $330 million during 2016 and annual adjusted EBITDA for the divested business is approximately $25 million." The transaction is expected to close late in the second quarter or early in the third quarter.
At one point in time it appeared that Newell may even go as far as shutting down these heritage ski and snowboard brands as they seek to streamline their portfolio, so on face value this news is a big win for skiing and snowboarding. K2 Skis has gone through several parent company transactions over the years, so we can only sit back and watch to see how the company, as well as the other brands, emerge from this latest sale.
Read more about Kholberg & Co http://kohlberg.com/