Bauer Performance Sports Completes Acquisition of Cascade Helmets and Announces the Closing of Common Share Public Offering
29 June 2012 - 11:34PM
Marketwired
Bauer Performance Sports Ltd. (TSX:BAU) ("BAUER") today announced
that it has completed the acquisition of Cascade Helmets Holdings,
Inc. ("Cascade"), a leading manufacturer and distributor of men's
and youth lacrosse helmets in North America, from North Castle
Partners, a private equity firm focused on health, wellness and
active living, and certain affiliates (the "Cascade Acquisition").
BAUER entered into an agreement to acquire Cascade on June 13, 2012
for approximately US$64 million, payable in cash and subject to
adjustment. The purchase price and related transaction expenses
were funded through the issuance of approximately C$30 million of
new equity and the balance in new borrowings, as further described
below.
Cascade is the leading designer, developer, manufacturer and
marketer of lacrosse helmets and eyewear in North America, and is a
leading and well-recognized brand in the broader lacrosse equipment
industry. The Cascade Acquisition expands BAUER's 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 attractive
opportunity to leverage BAUER's commitment to product development
and safety, realize attractive cross-selling opportunities, and
achieve cost synergies.
BAUER also announced today:
-- The closing of the public offering of 3,691,500 common shares at a price
of C$7.80 per share, including the exercise in full of the over-
allotment option, for gross proceeds of C$28,793,700 (the "Public
Offering"). The Public Offering was completed through a syndicate of
underwriters led by RBC Capital Markets as bookrunner, co-led by
Paradigm Capital Inc., and including National Bank Financial and
Scotiabank.
-- The closing of the concurrent private placement of the equivalent of
642,000 common shares at the same price as those sold under the Public
Offering (the "Concurrent Private Placement"), for gross and net
proceeds of C$5,007,600, which were purchased by funds advised or
managed by Kohlberg Management VI, LLC, BAUER's majority shareholder.
-- The closing of the amendments to its existing credit facilities (the
"Amended Credit Facility") as described in BAUER's short form final
prospectus dated June 22, 2012.
For further information regarding the Cascade Acquisition, the
Public Offering, the Concurrent Private Placement and the Amended
Credit Facility, please see BAUER's final short form prospectus,
which is available on SEDAR at www.sedar.com.
The securities offered pursuant to the Public Offering have not
been and will not be registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registrations requirements of such Act. This press release shall
not constitute and offer to sell or the solicitation of an offer to
buy the securities in any jurisdiction.
ABOUT BAUER PERFORMANCE SPORTS LTD.
Bauer Performance Sports Ltd. (TSX:BAU) is a leading developer
and manufacturer of ice hockey, roller hockey, and lacrosse
equipment as well as related apparel. The company has the most
recognized and strongest brand in the ice hockey equipment
industry, and holds the top market share position in both ice and
roller hockey. Its products are marketed under the Bauer Hockey,
Mission Roller Hockey and Maverik Lacrosse brand names and are
distributed by sales representatives and independent distributors
throughout the world. Bauer Performance Sports is focused on
building its leadership position and growing market share in all
product categories through continued innovation at every level. For
more information, visit www.bauerperformancesports.com.
ABOUT CASCADE HELMETS HOLDINGS, INC.
Cascade is the leading helmet brand in lacrosse. Cascade was
founded in 1986 with a niche focus on designing and manufacturing
innovative lacrosse headgear and has expanded into adjacent market
segments including women's lacrosse and field hockey eyewear, and
whitewater and rescue helmets. In 2009, Cascade partnered with
former NHL player Mark Messier to introduce a new branded line of
hockey helmets which shared much of the product technology utilized
in Cascade's lacrosse helmets.
Contacts: INVESTOR INQUIRIES Bauer Performance Sports Ltd. Amir
Rosenthal Chief Financial Officer
603-610-5802investors@bauerperformancesports.com MEDIA INQUIRIES
Bauer Performance Sports Ltd. Steve Jones Director, Global
Marketing 603-430-2111media@bauerperformancesports.com Spinnaker
Capital Markets Inc. Kevin O'Connor / Ali Mahdavi
416-962-3300ko@spinnakercmi.com
Blue Star Gold (TSXV:BAU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Blue Star Gold (TSXV:BAU)
Historical Stock Chart
From Jul 2023 to Jul 2024