Home / Knowledge / News / Apparel/Garments / New Wave buys-out CRAFT NA products distributor Karhu
New Wave buys-out CRAFT NA products distributor Karhu
03
Jul '13
Since 1999, the US company  Karhu North America LLC ("Karhu") has been the exclusive distributor in the United States and Canada of products under New Wave Group AB's sports brand CRAFT.  Today, New Wave Group has, through its wholly owned subsidiary New Wave USA, acquired that part of Karhu's business relating to distribution of CRAFT products, including inventory, certain intellectual property and contract rights.

The acquired business will be managed by a newly founded US company Craft Sportswear North America an indirect wholly owned subsidiary of New Wave USA. The present CEO of Karhu, Huub Valkenburg who was the founder of the CRAFT distribution business in North America, will continue as CEO of the new company, which will still be operated and headquartered in Beverly, Massachusetts. 

"We are very proud to have established Craft as a performance apparel brand in North America driving a profitable sustainable business and look forward to growing the brand even more in the years to come," said Huub Valkenburg, new CEO of Craft Sportswear North America.

"As owners of the CRAFT-brand, we are very pleased with the acquisition and believe that this will give New Wave Group a good basis for expanding CRAFT in the US and Canada," said Torsten Jansson, CEO and president of New Wave Group.

The transaction is structured as an asset acquisition. The initial purchase price amounts to US$ 3 million with an additional contingent price based on the results of the business over the next five years. The contingent price cannot exceed US$ 4.75 million. Three Karhu employees will transfer in connection with the acquisition.

New Wave Group AB is listed on Nordic Exchange in Stockholm. New Wave Group AB is a growth company that designs, acquires and develops brands and products in the corporate promotions, sports, gifts and home furnishings sectors. New Wave Group AB through its US subsidiary owns several businesses in North America including Cutter & Buck, Ahead, Inc. and Paris Glove.

About CRAFT:  CRAFT is the pioneer of functional apparel for serious athletes. Since 1977 CRAFT has devoted itself to developing innovative clothing built to withstand extreme weather in all conditions. CRAFT works closely with its many sponsored athletes and national teams, and focuses on designing the highest performance gear. 

Craft Sportswear North America


Must ReadView All

Apparel/Garments | On 18th Aug 2017

AEPC wants clarity on minimum wages for garment sector

The Apparel Export Promotion Council (AEPC) has urged the Indian...

Apparel/Garments | On 18th Aug 2017

Papua New Guinea govt to help set up garment industry

The government of Papua New Guinea (PNG) plans to focus and fund...

Courtesy: FineLine Technologies

Apparel/Garments | On 18th Aug 2017

FineLine Technologies acquires RER International

FineLine Technologies Inc., industry’s fastest supplier of retail...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.0%
No
17.2%
Skip
13.8%

Total Votes: 29

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
41.4%
No
37.9%
Skip
20.7%

Total Votes: 29

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
82.8%
No
6.9%
Skip
10.3%

Total Votes: 29

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
58.6%
No
10.3%
Skip
31.0%

Total Votes: 29


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X