Bauer Performance Sports Ltd. (BAU.TO: Quote) said Friday that it has acquired Cascade Helmets Holdings, Inc., a manufacturer of lacrosse helmets in North America, from North Castle Partners, a private equity firm focused on health, wellness and active living, and certain affiliates.
BAUER signed the agreement to acquire Cascade on June 13 for about $64 million, payable in cash, subject to adjustment.
The purchase price and related transaction expenses were funded through the issuance of about C$30 million of new equity and the balance in new borrowings.
BAUER also noted that it closed the public offering of about 3.7 million common shares at a price of C$7.80 per share. This includes the exercise of the over-allotment option in full, for gross proceeds of C$28.8 million.
Bauer said that the acquisition of Cascade expands its presence in the lacrosse equipment industry, adding the industry's premier line of helmets to the Maverik family of sticks, heads, shafts and protective gear.
The transaction also provides an opportunity to leverage BAUER's commitment to product development and safety, realize attractive cross-selling opportunities, and achieve cost synergies.
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by RTT Staff Writer
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