Jarden Corp. today announced that is has signed a definitive merger agreement to acquire K2, including its Shakespeare, Pflueger, All Star, Cajun, Penn, Stearns, and X-Tools brands. The news came 15 days after Jarden announced it would acquire Pure Fishing. K2's primary business lines will fall under the newly created Jarden Outdoors Solutions segment.
According to reports through Reuters, the total enterprise value of the K2 deal is about $1.2 billion. The deal is expected to close during the 3rd quarter of 2007.
Jarden chairman and CEO Martin E. Franklin said: "We're enormously excited about today's announcement as it marks another important step in our planned and disciplined growth strategy as a world-class, diversified, niche-oriented consumer products company. Adding K2's broad portfolio of leading brands to our portfolio would create cross-selling opportunities both domestically and internationally, would expand our presence in specialty channels, would further diversify our products, revenues and earnings, and would create additional scale to leverage in our supply chain, distribution, manufacturing and sourcing networks."
K2 executive chairman of the board Richard J. Heckmann said: "We believe that Jarden is the perfect strategic partner for us. Combining our world-renowned brands with Jarden's scale and innovative resources should bring tremendous value to our employees, retail partners and customers. I'm extremely proud of our employees' accomplishments over the last 5 years, and I'm excited about the road ahead for K2 as part of the Jarden family."
> For those keeping score, the combined cost of the Pure Fishing and K2 acquisitions appears to be approximately $1.6 billion.
