NEW WAVE GROUP TO ACQUIRE AHEAD
New Wave Group AB (NEWAb.ST) has entered into an agreement to acquire substantially all of the assets of the US based headwear company, Ahead, for a sum of USD 17.4m in addition to a net asset value adjustment of approximately USD 5m. The acquisition will be included in a newly formed subsidiary within New Wave USA Inc. During 2010, Ahead reported sales of close to USD 32m with an operating profit (EBIT) of approximately USD 2.7m. The acquisition of Ahead would further enhance the New Wave Group corporate portfolio, as the parent company of Cutter & Buck, Clique, Craft, Orrefors, Kosta Boda among other brands. The transaction is expected to close in the third quarter of 2011 and is subject to customary closing conditions.
Ahead is best known for its premier headwear collections that feature original approaches to logo embroidery options. Founded in 1995, Ahead has been able to capitalize on the golf industry’s desire for high-quality graphics on headwear and an array of garments. Based in New Bedford, Mass., the company operates four distinct business units; Men’s Apparel, Ahead Headgear, the “Heavy Metal™” line of golf accessories and the “Kate Lord TM Collection” of women’s hats, apparel and accessories. For more information, please see www.aheadweb.com.
“Ahead’s strong market position in the headwear category will be an excellent complement to our business components”, says Torsten Jansson, Managing Director and CEO of New Wave Group. “Ahead has been recognized for revolutionizing headwear in the golf community”, adds Torsten Jansson.
Ken Shwartz, CEO and founder of Ahead, commented, “We´re looking forward to being part of the New Wave family and access to their extensive distribution network and exceptional product related resources world-wide”.
Gothenburg 18 July 2011
New Wave Group AB (publ)
Torsten Jansson
CEO
For more information, please contact:
Torsten Jansson CEO Phone: +46 (0)31-712 89 01
Rolf Karp dCEO Phone: +46 (0)31-712 89 05
Lars Jönsson CFO Phone: +46 (0)31-712 89 12
New Wave Group i korthet
New Wave är inriktat på att etablera, förvärva och utveckla varumärken främst inom promotion- och fritidssektorn. New Wave är verksamt inom två försäljningskanaler, dels på marknaden för profilprodukter genom försäljning till oberoende profilföretag, dels på detaljhandelsmarknaden via återförsäljare i främst sport-, present- och skofackhandeln. Genom att verka inom båda dessa marknadssegment, får koncernen en bättre riskspridning och uppnår samordningsfördelar.
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