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Callaway Golf Company acquires Jack Wolfskin for €418 mn

10
Jan '19
Courtesy: Jack Wolfskin
Courtesy: Jack Wolfskin
Callaway Golf Company, a manufacturer and seller of golf clubs, golf balls, accessories and apparel in the golf and lifestyle categories, has acquired Jack Wolfskin for €418 million or approx $476 million, assuming a 1.140 euro to US dollar conversion rate. Post-acquisition, Jack Wolfskin will continue to operate out of its Idstein, Germany headquarters.

The acquisition furthers Callaway’s push into active lifestyle category after its successful acquisitions of TravisMathew and Ogio, according to a press release by the company.

Callaway financed the transaction with a $480 million Term Loan B facility, which was led by BofA Merrill Lynch and JP Morgan Securities LLC. The facility has a seven-year term, subject to certain prepayment rights, and bears interest at a rate of LIBOR plus 4.50.

“We are very excited to have completed this acquisition and have the Jack Wolfskin brand as part of the Callaway portfolio,” said Chip Brewer, president and chief executive officer of Callaway. “We believe Jack Wolfskin fits extremely well with our current brands and furthers our stated plan of strategic investments in complementary areas. Jack Wolfskin provides an innovative product offering with long-term synergies to the existing soft goods portfolio. We look forward to partnering with the Jack Wolfskin management team to maximise the brand’s growth potential.”

“We are thrilled to be joining Callaway’s growing portfolio of premium, active lifestyle brands,” said Jack Wolfskin’s chief executive officer, Melody Harris-Jensbach. “The Callaway team has proven over many years that they are great innovators and brand builders. We are excited to have them invest in our brand and are eager to start working with them.”

Jack Wolfskin is an international, premium outdoor apparel, footwear and equipment brand. The company designs premium products targeted at the active outdoor and urban outdoor customer categories. (PC)

Fibre2Fashion News Desk – India


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