CARLSBAD, Calif.–(BUSINESS WIRE)–Oct. 20, 2003–K2 Inc. (NYSE: KTO) announced today that it has acquired the assets and assumed certain liabilities of WinterQuest LLC, a privately held company founded in 1906, which is the leading marketer and manufacturer of snowshoes through its Tubbs and Atlas brands, with the #1 and #2 market shares respectively. The purchase price is a combination of K2 common stock and cash, plus the assumption of debt. For the year ended March 31, 2003, WinterQuest generated total sales of $18.6 million.
“WinterQuest is a great fit for our K2 winter products group,” said Richard J. Heckmann, chairman and chief executive officer. “This is another #1 brand that complements our existing leadership position in winter sports, and Tubbs is truly the authentic historical brand in snowshoeing. Winter aerobics has had dramatic growth over the past several years, with an estimated 6 million active participants in snowshoeing in the U.S. today.”
“The last several years have been an exciting time for WinterQuest as we have played a formative role in the development of snowshoeing as a mainstream recreational activity,” said Ed Kiniry, the chief executive officer of WinterQuest. “We believe that K2 is the perfect partner for WinterQuest in the future given its dedication to winter sports, and its powerful marketing, distribution and manufacturing capabilities.”
About K2 Inc.
K2 Inc. is a premier, branded consumer products company with a primary focus on sporting goods and other recreational products as well as certain niche industrial products. K2′s portfolio of leading brands includes Rawlings, Worth, Shakespeare, Pflueger, Stearns, K2, Ride, Olin and Morrow. K2′s diversified mix of products is used primarily in team and individual sports activities such as baseball, softball, fishing, watersports activities, alpine skiing, snowboarding, in-line skating and mountain biking. Among K2′s other recreational products are Dana Design backpacks, Planet Earth apparel, Adio and Hawk skateboard shoes, and Rawlings team sports. K2 also manufacturers and markets Shakespeare extruded fishing lines and monofilaments, and marine antennas and marine accessories.