Newell Brands has been shopping the K2 Sports segment of their giant mega-corporation around for a while now and it seems they have found a home. While we weren’t expecting Rossignol of all companies to be the ones to buy out these iconic brands, it’s happened. Below you can read the official press release. We’ll keep you updated as this story unfolds.
Today April 1st 2017, Rossignol Group, one of the world leading winter sports groups globally, has entered into a binding agreement to acquire K2 Sports.
K2 Sports is known globally for pushing the limits of technology. K2 Sports designs and engineers its own propriety branded premium quality Skis, Snowboards, Backcountry Technologies, and accessories, which are distributed directly or through its many global distributions partners. The company headquarters are located in Seattle, WA, USA. The K2 Sports brands are internationally recognized brands whose Skis/Snowboards and products are currently sold in over 30 countries, with more than $300m of sales globally. Athletes on K2 products have won numerous national and international events including World Championships, Olympic gold medals, ESPN X-Games and other major world-stage competitions.
Bruno Cercley, CEO of Rossignol, declared: “For 110 years, our success has been continuously built on innovation, racing, and passion. From day one of our contacts with the K2 team, it became obvious we have great things to do together. K2 Sports is a very natural extension of Rossignol’s business, given its overlap in participating geographies, consumers, and distribution channels as well as complementarity in seasonality. I am truly excited to add the K2 brands and know-how to the Rossignol Group. Rossignol and K2 teams share the quest for developing the best products in the world for providing the best experiences to outdoor consumers, and we look forward to expanding our business together. While we will work at continuously strengthening the K2 brand globally, we will leverage our common expertise to launch a new range of Rossignol products during 2018.”
Anthony De Rocco, President of K2 Sports, said: “It’s never been a better time to be part of the wintersports industry – with more people than ever riding skis/boards to achieve their personal best in competitive events, improving their health or simply spending time with their friends and family outdoors. Rossignol shareholders are confident that this move will accelerate the development of the brand in this growing world. I’m incredibly excited about K2 Sports and Rossignol joining together. If you look at both companies we have a long history of supporting athletes, learning from our athletes and putting this knowledge into designing great cutting edge products. With similar consumers and markets, it’s very exciting to think of the great things we can do together.”
DC Snow Advisory acted as the financial advisor to Rossignol Group and Baba O’Riley & Co, LLC acted as the financial advisor to K2 Sports in connection with the transaction. Closing of the transaction is subject to customary antitrust clearance and expected to happen within the next 2 months.