Bauer Performance Sports Ltd. (TSX: BAU) agreed to spend $330 million in cash for the baseball and softball equipment segment of designer Easton-Bell Sports Inc.
The purchase expands Bauer's platform by adding the Easton brand to its other well-known brands, including Bauer, Cascade, Combat, Inaria, Maverik and Mission. The Exeter, N.H.-based buyer will own the Easton brand and the Easton baseball/softball business while Easton-Bell Sports will retain the Easton Hockey and Easton Cycling businesses.
Easton Baseball/Softball will continue to operate out of its current Van Nuys, Calif., and Salt Lake City, Utah, locations.
Bauer expects to "increase Easton's current 28 percent market share in diamond sports by accelerating investment in product development and more strongly connecting with consumers," states Bauer CEO Kevin Davis.
The deal, while unanimously approved by both companies' boards of directors, is still subject to regulatory approvals and other customary closing conditions.
Law firm Ropes & Gray advised Easton Bell on the sale. The legal team was led by Carl Marcellino, and included Lee Allison, Alexandra Alperovich, Edward Black, Thomas Burke, Deidre Johnson, Michael McFalls, Steven Rutkovsky and Sunil William Savkar.