Columbia Sportswear Co. (Nasdaq: COLM) is buying Prana Living LLC from Steelpoint Capital Partners for $190 million in cash.

Prana, headquartered in Carlsbad, Calif., makes athletic gear, including clothes, shoes, accessories and equipment, including yoga mats and rock climbing accessories. The company's sales grew more than 30 percent between 2010 and 2013, and are expected to surpass $100 million in 2014. Prana's products are sold through retailers, online and through catalogs.

Sales outside of North America make up less than 5 percent of the company's sales, so Prana expects to grow by leveraging Columbia's international relationships.

Portland, Ore.-based Columbia is known for its outdoor apparel, including footwear and accessories. The company, which sells the brand in about 100 countries, also makes outdoor equipment such as sleeping bags and tents. The deal should help reduce Columbia's dependence on cold-weather products.

Steelpoint Capital, headquartered in Solana Beach, Calif., is a private equity firm that focuses on investing in consumer brands. Investments include Naked Juice, Tasti-D-Lite and Bag Borrow or Steal.

J.P. Morgan Securities LLC is acted as Columbia's financial adviser, while Wachtell Lipton Rosen & Katz is providing legal advice. Baird was Prana's financial adviser.

Buyers have been interested in the lifestyle space for years, looking for brands with room to grow. For more, see "Retail M&A: Time-Tested Brands Sell" and "Outdoor Performance Poised to Take Off." 

 

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