Gear Guide: Private equity firm buys Volkl, Marker and several other ski brands
Newell Brands announced that it has signed a definitive agreement to sell its winter sports businesses, inclusive of Völkl, K2, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA to Kohlberg & Company, a leading private equity firm specializing in middle-market investing. It has acquired the winter sports businesses for $240 million.
“We are pleased with the outcome as we know that Kohlberg & Company, LLC is the right owner for our winter sports businesses,” K2 Sports chief Robert Marcovitch said in a letter to business partners. “Kohlberg brings many years of successful experience investing in leading consumer branded companies, and with Kohlberg we will have an owner who is exclusively focused on helping our company achieve its full potential.”
According to The Denver Post, “K2 and Volkl in particular are heavy hitters, controlling close to a third of the U.S.’s $260 million alpine ski market.” The transaction is expected to close late in the second quarter or early in the third quarter of 2017, subject to closing conditions, including regulatory approval.