This strategic acquisition provides the Company with intellectual property that will strengthen its R&D portfolio and expands Bauer's high-performance platform into the new diamond sports of baseball and softball. The purchase price of approximately Cdn$4 million (subject to adjustment) was funded through cash on hand.
"We're excited to have completed this acquisition that we expect to be accretive in the first year of operation," said Kevin Davis, President and CEO of Bauer. "By providing Combat with the appropriate working capital, we expect this brand to grow its market share in diamond sports and we look forward to leveraging the Combat organization's expertise and advanced materials across our platform."
Bauer plans to explore and combine relevant composite technologies where applicable to strengthen its overall hockey stick and lacrosse offerings under the BAUER and MAVERIK brands. Combat and several of its key employees have had a long history of expertise in composite materials, including developing innovative products for NASA, the U.S. Military and several leading manufacturers. Bauer expects to strengthen the COMBAT brand and grow its overall portfolio of high-performing products in diamond sports.
ABOUT BAUER PERFORMANCE SPORTS LTD.
Bauer Performance Sports Ltd. is a leading developer and manufacturer of ice hockey, roller hockey and lacrosse equipment as well as related apparel. The company has the most recognized and strongest brand in the ice hockey equipment industry, and holds the top market share position in both ice and roller hockey. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA and COMBAT brand names and are distributed by sales representatives and independent distributors throughout the world. Bauer Performance Sports is focused on building its leadership position and growing market share in all product categories through continued innovation at every level.
ABOUT COMBAT SPORTS
Combat Sports has been supplying composite and hybrid composite products for both its own brand as well as for high-end brand name companies since 1998 in the baseball/softball bat, hockey stick and lacrosse shaft markets. Combat has a reputation for its premier and innovative composite technology with the latest composite advancements in performance and durability serving players from the grassroots level to the elite professional levels.
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