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Performance Sports Group Acquires Easton Hockey
- Updated: January 13, 2016
Today is a very interesting day in hockey gear news as Performance Sports Group, owners of Bauer Hockey, has purchased Easton Hockey.
Easton is still very active in the hockey world, producing both a Synergy and Stealth line of sticks and protective equipment. They also manufacture the Easton Mako skate line.
It will be interesting to see how Bauer handles the Easton product lines after the merger, and many questions are left to be answered. Will Bauer keep the Easton brand and line of products around? Will a new skate with the Mako technology be introduced?
Check out the full press release below and drop us a note in the comments with your thoughts on this acquisition!
EXETER, NH–(Marketwired – Jan 13, 2016) – Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) (“Performance Sports Group” or the “Company”), a leading developer and manufacturer of high performance sports equipment and apparel, today announced that it has acquired the Easton Hockey business from Easton Hockey Holdings, Inc.
The acquisition adds Easton Hockey’s heritage of innovation to the Company’s existing Bauer Hockey business, including intellectual property assets that will add to the Company’s product lines under the EASTON and BAUER brands. In addition, the acquisition will provide the Company with exclusive control of the EASTON brand in all sports other than cycling and archery. The Company has owned the EASTON brand since the Company’s April 2014 acquisition of the Easton Baseball/Softball business and has been licensing the use of the EASTON brand in the hockey, cycling and archery categories. The Company will continue to license the brand for use in cycling and archery.
“This is an exciting transaction for our company because it brings another business with a history of innovation to Performance Sports Group,” said Amir Rosenthal, President, PSG Brands. “Easton Hockey was the pioneer of the aluminum and composite stick in hockey and EASTON has long been considered a strong brand in the sport. We believe by focusing on their track record of success in the stick category and by utilizing the resources of a broader and more financially stable organization, we can support and further grow the EASTON brand in this important category and other key equipment categories.”
The acquisition includes all relevant patents, inventory, sale orders, accounts receivable and goodwill, and the assumption of certain liabilities related to the acquired assets. The seller will provide operational assistance to the Company pursuant to a transitional services agreement to assist with the integration of the Easton Hockey business. Within the first 12 months following closing, the Company currently expects that the Easton Hockey business will operate at approximately break-even EBITDA and will generate positive cash flow. In the third quarter of fiscal 2016, the Company also currently expects to record an accounting gain on bargain purchase due to the excess fair value of assets and liabilities acquired in excess of the purchase price. Further information regarding the acquisition can be found in the Company’s quarterly report on Form 10-Q for the second fiscal quarter ended November 30, 2015.