US-based sporting goods company Callaway Golf has concluded the acquisition of Jack Wolfskin, a German manufacturer and retailer of outdoor footwear and equipment, for $476m.
Jack Wolfskin targets the active and urban outdoor customer categories. It manufactures outdoor apparel, footwear and equipment, which are sold through over 3,000 points of sale globally, including wholesale, company-owned retail and franchisees.
The transaction, announced in December last year, strengthens Callaway’s push into the active lifestyle category and follows the acquisition of two lifestyle brands, TravisMathew and Ogio, in 2017.
As the transaction is complete, Jack Wolfskin will continue to operate from its headquarters in Idstein, Germany.
Callaway president and CEO Chip Brewer said: “We believe Jack Wolfskin fits extremely well with our current brands and furthers our stated plan of strategic investments in complementary areas.
“Jack Wolfskin provides an innovative product offering with long-term synergies to the existing soft goods portfolio.
“We look forward to partnering with the Jack Wolfskin management team to maximise this brand’s growth potential.”
The transaction was financed with a $480m Term Loan B facility led by BofA Merrill Lynch and JP Morgan Securities, with a seven-year term.
Latham & Watkins acted as legal counsel and JP Morgan Securities acted as exclusive financial advisor to Callaway for the transaction.
Kirkland & Ellis International acted as legal counsel and Houlihan Lokey as exclusive financial advisor to Outdoor Holdings, the holding company of Jack. THM Partners acted as director an advisor to Jack.