K2 and Völkl and other brands in Newell Brands Winter Sports Division have been sold to a private equity firm, Newell announced this morning.
Kohlberg & Company is paying $240 million, and the sale also includes Marker, Dalbello, Madshus, Line, Full Tilt, Atlas, Tubbs, Ride and BCA.
The winter sports division generated sales of $330 million in 2016 and adjusted EBITDA of $25 million.
The deal should close late in the second quarter or early in the third.
Kohlberg investments in the consumer goods sector include motorhome company Coach America; Bauer, a maker of hockey equipment; Thousand Trails, an operator of campgrounds; and Hot Stuff Foods.
Newell acquired Jarden Corporation in 2016, and fairly quickly said it wanted to divest the winter sports division, in addition to some other segments of the combined company, to simplify its portfolio and focus on the areas with the most growth potential.
