Press release from Marketwire
Bauer Performance Sports Closes Combat Sports Acquisition
Monday, May 06, 2013
Bauer Performance Sports Closes Combat Sports Acquisition07:00 EDT Monday, May 06, 2013
TORONTO, ONTARIO--(Marketwired - May 6, 2013) - Bauer Performance Sports Ltd. (TSX:BAU) ("Bauer" or "the Company"), announced today that it has closed the acquisition of substantially all of the assets of Combat Sports ("Combat"), a leading designer of composite baseball and softball bats, hockey sticks and lacrosse shafts. 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. (TSX:BAU) 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. For more information, visit www.bauerperformancesports.com.
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.
Caution Concerning Forward-Looking Statements
Certain statements in this press release about our current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements, including our expectation that the Combat acquisition will be accretive in the first year of operation. The words "will", "expects", "plans", "intends", "estimates" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: our inability to successfully integrate Combat and its technologies into the Company's other product offerings and grow the COMBAT brand and market share, our inability to retain key Combat employees, intense competition in the apparel and equipment industries, volatile market price for Common Shares, general economic and market conditions and current adverse economic conditions. These factors are not intended to represent a complete list of the factors that could affect us; however, these factors should be considered carefully. The purpose of the forward-looking statements is to provide the reader with a description of management's expectations and may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements made herein. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date hereof, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bauer Performance Sports Ltd.
Chief Financial Officer
Bauer Performance Sports Ltd.
Global Communications Manager
Spinnaker Capital Markets
Kevin O'Connor / Ali Mahdavi