Hot on the heels of Amer Sports' acquisition of Armada, and Jason Levinthal's recent purchase of 4FRNT, there's a third major ski company buyout to announce, as Kohlberg & Company, a New York-based private equity firm, has announced the completion of their acquisition of K2 Sports.
The company, which includes iconic brands such as K2, Volkl, Marker, Dalbello, Line, Full Tilt, Backcountry Access, Ride Snowboards and more, was made available for purchase by its previous parent company, Newell Brands, this past fall, fueling a winter's worth of rumours regarding the brands' future.
While Kohlberg & Company's planned acquisition was previously announced, the sale was formally finalized yesterday, giving a large segment of ski industry a safe and secure home. Give the press release below a read for the full rundown on the deal.
KOHLBERG & COMPANY ANNOUNCES ACQUISITION OF ICONIC WINTER SPORTS BRANDS
Kohlberg investment in K2 Sports and Marker Dalbello Völkl will fuel each company’s growth, expansion.
MOUNT KISCO, NY – July 17, 2017 – Kohlberg & Company, LLC (“Kohlberg”) a leading private equity firm specializing in middle-market investing, announced today that it has completed the previously-announced acquisition of the Winter Sports business of Newell Brands Inc., including Völkl®, K2®, Marker®, Dalbello®, Madshus®, Line®, Full Tilt®, Atlas®, Tubbs®, Ride® and BCA®.
“Today marks another milestone in the history of two iconic groups known throughout the sporting goods industry: K2 and Marker Dalbello Völkl,” said Chris Anderson, Partner of Kohlberg. “Kohlberg & Company is excited to be investing in their future. Customers know K2 and Marker Dalbello Völkl as leaders in action sports innovation, and we look forward to building on that legacy. The strong brand reputation and the global teams who have developed, manufactured, sold and serviced these products are the primary reasons for our enthusiasm.”
Joe Lawler, Operating Partner of Kohlberg, has been named Chairman of the Board of K2-MDV Holdings, LP (the “Company”), a holding company that will own the K2 Sports and Marker Dalbello Völkl business units. Joe commented: “This lineup of revered consumer brands together with a world-class management team makes our investment an exciting one. The identities and product specifications of the brands will be retained, developed and celebrated in the future as we unlock each brand’s full potential and bring authentic lifestyle experiences to the global outdoor sports enthusiast community.”
Kohlberg also announced the following Senior Leadership Team for the Company:
Christoph Bronder, President and CEO of Marker Dalbello Völkl, will assume the new role of President and CEO of the Company, with overall responsibility for K2 and Marker Dalbello Völkl. Christoph has successfully built up and led the Marker Dalbello Völkl Group business for more than 20 years. Christoph has also been a Managing Director of K2 Europe since 2008 and he has been instrumental in the development of the Völkl brand, the Marker acquisition in 2000 and the Dalbello acquisition in 2015.
Christoph will be supported by a strong leadership team reporting to him. Jonathan Wiant will continue in his role as leader of Marker Dalbello Völkl Brands, including sales, marketing and product development functions. Andrea Bergamin will be the leader of all operations of the brands, and Kohlberg Operating Partner Michael Quinn has joined as the Company’s Global Chief Financial Officer. Michael will be based in K2’s Seattle, WA, headquarters and will oversee all Company financial functions.
K2 President & CEO Robert Marcovitch has successfully achieved his goals with the Company and will be leaving following a transition period. The company has commenced a global search for a new leader of K2 Brands, who will be based in K2’s Seattle, WA, headquarters and be responsible for all sales, marketing and product development for all K2 Brands.
“We greatly appreciate Robert’s support through the transaction and this forthcoming transition period,” added Joe Lawler, “and I want to thank him for all of the great work he has done at K2 Sports.”
About Kohlberg & Company
Kohlberg & Company, L.L.C. (“Kohlberg”) is a leading private equity firm specializing in middle-market investing. Since its inception in 1987, Kohlberg has organized eight private equity funds, through which it has raised $7.5 billion of committed equity capital. Over its 30-year history, Kohlberg has completed 70 platform investments and more than 150 add-on acquisitions, with an aggregate transaction value in excess of $15 billion. For more information, please visit www.kohlberg.com.