Kohlberg & Co. LLC, a Mount Kisco-based private equity firm, has completed the $240 million acquisition of Newell Brands Inc.”™s winter sports business.
KohlbergӪs acquisition includes NewellӪs winter sports gear, apparel and accessories brands V̦lkl, K2, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA.
“Today marks another milestone in the history of two iconic groups known throughout the sporting goods industry: K2 and Marker Dalbello Völkl,” said Chris Anderson, Kohlberg partner. “Kohlberg & Co. is excited to be investing in their future.”
Newell Brands, which markets a wide range of consumer and commercial products including Rubbermaid food storage, announced that it would sell off its winter sports business last year following its merger with Jarden Corp. and subsequent reshuffling. In May, the Hoboken, New Jersey-based company signed an acquisition agreement with Kohlberg for the brands.
According to Newell, net sales for its winter sports business were approximately $330 million during 2016.
Joe Lawler, operating partner of Kohlberg, was named chairman of the board of K2-MDV Holdings LP, a newly formed Seattle-based holding company that will own the K2 Sports and Marker Dalbello Völkl business units.
“This lineup of revered consumer brands together with a world-class management team makes our investment an exciting one,” Lawler said. “The identities and product specifications of the brands will be retained, developed and celebrated in the future as we unlock each brand”™s full potential and bring authentic lifestyle experiences to the global outdoor sports enthusiast community.”
Christoph Bronder, CEO of Marker Dalbello Völkl, will become the president and CEO of the new holding company, while K2 president and CEO Robert Marcovitch will depart following a transition period.
“Customers know K2 and Marker Dalbello Völkl as leaders in action sports innovation, and we look forward to building on that legacy,” Anderson said. “The strong brand reputation and the global teams who have developed, manufactured, sold and serviced these products are the primary reasons for our enthusiasm.”
Since its inception in 1987, Kohlberg has raised $7.5 billion of committed equity capital, completed 70 platform investments and arranged more than 150 add-on acquisitions with a transaction value of more than $15 billion.
The company”™s current investments range from energy companies to the insurance industry, including behavioral health care services company Alitacare, sewing machine manufacturer SVP Worldwide LLC and Spectrum Plastics Group.
