Cutter & Buck Inc., designer and marketer of upscale golf and sportswear in the United States, announced it has signed a definitive agreement to be acquired by New Wave Group AB of Stockholm. Cutter & Buck operates online at CutterBuck.com.
New Wave designs and markets consumer products for corporate promotional and consumer retail markets in Europe. The companies report that the combination provides Cutter & Buck an expanded product offering for the United States and gives New Wave Group an upscale golf and sportswear brand to distribute in Europe.
Cutter & Buck shareholders will receive $14.38 per share of common stock, totaling $156.5 million.
Cutter & Buck operates the brands Cutter & Buck, ANNIKA and CBUK. It sells primarily to golf and specialty retailers, corporations and international distributors and licensees, as well direct to consumers through Cutter & Buck Inc. Direct LLC.
Cutter & Buck has 380 employees, with annual sales of $131 million and a pre-tax profit of $9.8 million.
New Wave Group operates the brands Orrefors, Kosta Boda, Sagaform, Craft, New Wave, Clique, ProJob, Jobman, Seger, Grizzly and James Harvest Sportswear. It sells through a network of 10,000 independent distributors in Europe and China. It has 2,200 employees and annual sales of $512 million with a pre-tax profit of $42 million.
Back...
