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
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