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

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak
Bombay Hemp Company

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

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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