Interviews
News Flash
New Wave to buy Seattle-based sportswear marketer
16 Apr '07
2 min read
New Wave Group AB (publ) and Cutter & Buck Inc announced that they have signed a definitive agreement under which New Wave Group AB will acquire Cutter & Buck Inc.
The combination of the two companies will provide Cutter & Buck Inc a significantly expanded product offering for the United States market and give New Wave Group AB an upscale golf- & sportswear brand to distribute in Europe.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Cutter & Buck Inc shareholders will receive $14.38 per share of Cutter & Buck Inc common stock for an aggregate consideration of $156.5M.
"The two companies" brands are very complementary, allowing us to expand the distribution of the Cutter & Buck's brands in Europe and the New Wave Group's brands in the United States, said Göran Härstedt, New Wave Group AB's deputy Chief Executive Officer.
"We identified Cutter & Buck Inc as the company to carry some of our brands, especially New Wave and Clique, in the United States on the corporate promotional market because, like New Wave Group AB, they are founded on great customer service and operational excellence. In addition, they truly understand the markets we operate in. Moreover, we expect to reach substantial synergies within buying, products and distribution."
“We are excited about the opportunities presented by this combination,” said Ernie Johnson, Cutter & Buck Inc's Chief Executive Officer.
The combination of the two companies will provide Cutter & Buck Inc a significantly expanded product offering for the United States market and give New Wave Group AB an upscale golf- & sportswear brand to distribute in Europe.
Under the terms of the agreement, which was unanimously approved by the boards of directors of both companies, Cutter & Buck Inc shareholders will receive $14.38 per share of Cutter & Buck Inc common stock for an aggregate consideration of $156.5M.
"The two companies" brands are very complementary, allowing us to expand the distribution of the Cutter & Buck's brands in Europe and the New Wave Group's brands in the United States, said Göran Härstedt, New Wave Group AB's deputy Chief Executive Officer.
"We identified Cutter & Buck Inc as the company to carry some of our brands, especially New Wave and Clique, in the United States on the corporate promotional market because, like New Wave Group AB, they are founded on great customer service and operational excellence. In addition, they truly understand the markets we operate in. Moreover, we expect to reach substantial synergies within buying, products and distribution."
“We are excited about the opportunities presented by this combination,” said Ernie Johnson, Cutter & Buck Inc's Chief Executive Officer.
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
