Columbia Sportswear to acquire apparel brand PrAna

Columbia Sportswear Company, a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, announced that it has signed a definitive agreement to acquire all controlling interests in prAna Living LLC from majority owner Steelpoint Capital Partners and all other minority members for $190 million in cash, which is subject to customary working capital adjustments. PrAna will join Columbia's portfolio of authentic, active outdoor brands, which include Columbia, Mountain Hardwear, Sorel and Montrail. 

 

Columbia Sportswear Company, a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, announced that it has #

Highlights: 

-PrAna is a rapidly growing lifestyle apparel brand that complements Columbia's portfolio of authentic, active outdoor brands. 

-PrAna's sales grew at a compound annual growth rate of more than 30 percent between 2010 and 2013, and are on pace to surpass $100 million in 2014 and generate low double-digit operating margin. 

-Purchase price of $190 million, which is subject to customary working capital adjustments, equates to approximately 13 times prAna's projected 2014 EBITDA. 

-Acquisition expected to be accretive in first full fiscal year (2015). 

-Existing seasoned management team to remain and drive continued growth rooted in prAna's core brand values of healthy, mindful living and sustainability. 

-Transaction expected to close during second quarter of 2014, subject to customary conditions and regulatory approvals. 

 

Columbia Sportswear Company, a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, announced that it has #

"We are very excited to welcome prAna to Columbia's brand portfolio," said Tim Boyle, Columbia's president and chief executive officer. "PrAna is a rapidly growing lifestyle apparel brand positioned at the intersection of today's healthy, active lifestyles and socially conscious consumerism. A growing number of women and men are embracing prAna's versatile products that are designed and manufactured with sustainability as a core value. 

 

Columbia Sportswear Company, a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, announced that it has #

Boyle continued, "PrAna fits Columbia's strategic priorities to expand into categories that appeal to complementary consumer segments, reduce our dependence on cold-weather products, and leverage Columbia's global operational platforms to expand across key geographic markets. 

 

Columbia Sportswear Company, a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, announced that it has #

"Of equal importance is the cultural fit and professional camaraderie we've found at prAna as we've worked with CEO Scott Kerslake and the prAna management team. We look forward to completing the transaction and teaming with them to unlock prAna's global brand potential."