Helen of Troy Ltd., designer, developer and marketer of consumer brand-name housewares, health, home and beauty products, announced the completion of its previously announced acquisition of Osprey Packs Inc, for $414.7 million in cash, which includes the impact of a $5.3 million favorable customary closing net working capital adjustment.
Founded in 1974, Osprey has been a longtime U.S. leader in technical and everyday packs. Its product lineup includes a range of backpacks and daypacks for hiking, mountaineering, skiing, climbing, mountain biking, trail running, commuting and school, as well as a rugged adventure travel packs, wheeled luggage and travel accessories.
Helen of Troy’s CEO Julien R. Mininberg said, “We are very pleased to complete the acquisition of Osprey and are delighted to welcome the Osprey team to the Helen of Troy family. The brand is an excellent strategic fit. It adds a ninth leadership brand to our portfolio that can accelerate profitable growth in categories where we can add value and leverage our scalable operating platform.
“Osprey is a highly respected and fast-growing market leader that will be a significant complementary addition to our housewares indoor and outdoor portfolio alongside Hydro Flask and OXO,” Mininberg continued. “With approximately half of its sales outside of the United States, Osprey further accelerates our international growth strategy. We see excellent opportunities to enhance and expand Osprey’s already robust new product pipeline, expand distribution with new retail customers, and further expand the brand’s footprint both in the U.S. and internationally. We believe we can create further value for consumers, customers, and our shareholders by leveraging Helen of Troy’s shared services platform, larger infrastructure, and international footprint.”
For information about Helen of Troy, visit http://investor.helenoftroy.com
