K2 and Ride Snowboards were part of $240 million winter sports group sale from Newell Brands this past weekend, according to a press release by the company Friday. Newell has signed a definitive agreement to sell the businesses. The news comes less than 18 months after K2 and Ride Snowboards was sold to Newell by Jarden Corp. The new owners, Kohlberg & Company, have investments ranging from healthcare and business services, to golf company Troon and hockey powerhouse Bauer.
Kohlberg purchased K2, Ride, Völkl, Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, and BCA in the deal.
Tanner McCarty, Ride Snowboards Marketing Manager, was stoked when we spoke to him over the phone saying, "Listen, getting bought by a private equity firm is almost as good as it gets... It is a huge relief to have someone that is interested in owning a snowboard brand, running a snowboarding brand. We are totally stoked. Let's fuck shit up!"
According to the release, Kohlberg & Company, L.L.C. is a leading private equity firm specializing in middle-market investing. Since its inception in 1987, Kohlberg has organized eight private equity funds, through which it has raised $7.5 billion of committed equity capital. Over its 30-year history, Kohlberg has completed 70 platform investments and more than 150 add-on acquisitions, with an aggregate transaction value in excess of $10 billion.
A Newell Brands spokesperson added “The sale of the Winter Sports business, inclusive of Völkl®, K2®, Marker®, Dalbello®, Madshus®, Line®, Full Tilt®, Atlas®, Tubbs®, Ride® and BCA® to Kohlberg & Company, LLC is part of Newell Brands' ongoing strategy to accelerate growth by simplifying and strengthening our portfolio. As previously announced in October, Newell Brands made the decision to hold these businesses for sale as part of its Growth Game Plan strategy, which calls for focusing resources in the areas where we feel we can unlock the greatest potential for growth and value creation. We believe that Kohlberg & Company, LLC, a leading private equity firm with expertise in the consumer products sector, is the right owner for our Winter Sports businesses, and is well positioned to unlock their full potential and value. We are confident these brands will continue to succeed under their new ownership.”