July 21 (Bloomberg) -- Blackstone Group LP agreed to buy German outerwear brand Jack Wolfskin GmbH & Co. for an undisclosed sum from owners Barclays Private Equity and Quadriga Capital.
Jack Wolfskin’s Chief Executive Officer Manfred Hell will leave the company after 25 years while the deal is reviewed by competition authorities, the German company said in a statement today. The purchase price was 700 million euros ($992 million), the Financial Times reported yesterday, citing people close to the situation. A Blackstone spokeswoman in London wasn’t immediately available for comment.
The purchase follows a round of acquisitions in the outdoor sector this year. VF Corp., the maker of North Face jackets, in June agreed to buy Timberland Co. for about $1.8 billion. Gucci maker PPR SA snapped up Volcom Inc. in May, its biggest purchase since acquiring Puma in 2007, to add skate- and snowboarding gear to its sports and lifestyle business.
Jack Wolfskin is in talks with numerous candidates and will announce a new CEO “in coming weeks,” according to today’s statement. Chief Financial Officer Christian Brandt will take on the position of chief operating officer, and Andreas Klotz will join from Puma AG to take over Brandt’s previous position as of Oct. 1, Jack Wolfskin said.
Jack Wolfskin, based in Idstein, increased revenue by 21 percent in the fiscal year ending September 30 to 304 million euros, as customers bought more jackets and hiking shoes. Sales have gained more than 10 percent for seven consecutive years. The acquisition by Blackstone will mark the start of increased expansion outside of its home market, it said.
The previous owners paid 93 million euros, including debt, in 2005 for the business, the Financial Times said yesterday. New York-based Blackstone is the largest private-equity company by assets.
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