Jack Wolfskin has announced that its shareholders, including affiliates of Bain Capital Credit, H.I.G. Bayside Capital and CQS, have entered into an agreement to sell the company to Callaway Golf Company for 418 million euros or around 476 million dollars.
"We are very excited to welcome the Jack Wolfskin brand into the Callaway portfolio," commented Chip Brewer, President and Chief Executive Officer of Callaway Golf in a statement, adding, "Jack Wolfskin is a premium outdoor brand with tremendous international reach, being a leading brand in the European market and having a substantial presence in China. We are also excited to work with Jack Wolfskin's leadership team, led by CEO Melody Harris-Jensbach, to maximize this brand's growth potential.”
Callaway Golf to buy Jack Wolfskin
The company said that the said acquisition is expected to close in the first quarter of 2019 and on completion of the transaction, Callaway Golf will become the sole owner of Jack Wolfskin. Jack Wolfskin is the third and largest acquisition by Callaway Golf since 2017, in the premium active lifestyle segment. With headquarters in Carlsbad, California, Callaway Golf is a leading golf brand in the USA and develops innovative and high-performance golf equipment.
“Callaway has proven over many years that they are great innovators and brand builders and we look forward to contributing our own product excellence to the wider group. We see that they really invest in the brands they acquire and couldn’t be happier to be working with them,” added Melody Harris-Jensbach, CEO of Jack Wolfskin.
Jack Wolfskin's largest current shareholders are affiliates of Bain Capital Credit, H.I.G. Bayside Capital CQS, Avenue Capital Group and BlueMountain Capital Management, which together own more than 67 percent of the company. In FY18, the Group generated sales of 334 million euros and increased its adjusted EBITDA by almost a fifth to approximately 42.1 million euros.
Picture credit:Jack Wolfskin via Hartmut Schultz Kommunikation