Global consumer products company Helen of Troy, through its subsidiaries, has agreed to purchase eco-friendly backpacks supplier Osprey Packs.

The acquisition is in line with Helen of Troy’s strategy to accelerate profitable growth through acquisition and investment in businesses.

The deal is valued at approximately $414m in cash. Osprey is expected to generate $155m – $160m in net sales in fiscal 2021.

Helen of Troy chief executive officer Julien Mininberg said: “We are delighted to welcome Osprey and its employees to the Helen of Troy family. For nearly half a century, Osprey’s premium products have delivered superior consumer-centric designs, innovative features and construction, outstanding materials and quality, and sustainability that resonate strongly with outdoor enthusiasts around the world.”

Founded in 1974, Osprey offers wide range of backpacks and daypacks for outdoor activities, school, and rugged adventure travel packs, wheeled luggage, and travel accessories.

Helen of Troy, which owns Hydro Flask, focuses on designing, developing, and selling housewares, health, home, and beauty products.

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By GlobalData

The company’s portfolio of brands includes OXO, Vicks, Braun, Honeywell, PUR, Hot Tools, and Drybar.

Mininberg added: “This acquisition adds an iconic ninth Leadership Brand that complements our world-class portfolio and adds critical mass to our value-creation flywheel. Combining the capabilities, authenticity, and credibility of this proven, highly respected outdoor pioneer with our global footprint and scalable global shared services creates opportunities for new efficiency and growth.”

The deal is subject to customary closing conditions, including regulatory approval. It is expected to complete before the end of this calendar year.