Business
Clarus to Acquire Premier Protective Case Maker S.K.B. Corporation
Acquisition Aligns with Clarus’ “Innovate and Accelerate” Strategy to Drive Profitable Growth SALT LAKE CITY, March 12, 2020 (GLOBE NEWSWIRE) -- Clarus
About this update from Clarus Corporation
[{"type":"text","content":"Acquisition Aligns with Clarus’ “Innovate and Accelerate” Strategy to Drive Profitable Growth\nSALT LAKE CITY, March 12, 2020 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer industries, today announced it has entered into a definitive agreement to acquire privately held S.K.B. Corporation (“SKB”), a leading manufacturer of protective cases, for $85 million in cash and 1,153,846 shares of Clarus common stock. SKB will continue to operate independently as a wholly owned subsidiary of Clarus.\n Headquartered in Orange, California and founded in 1977 by Steve Kottman and Dave Sanderson, SKB is an industry leader in the design and manufacture of molded polymer transport cases engineered to provide superior protection for a diverse range of equipment. SKB’s products, known as “SKB Cases,” are utilized across industries, including consumer, sports, electronics, healthcare, music, photography and industrials. In particular, SKB Cases are renowned in the music industry and benefit from “super-fan” status, as many high-profile artists insist on using SKB’s products exclusively. SKB serves hundreds of companies globally, and its products are widely recognized for uncompromising quality and unsurpassed durability. In 2019, SKB generated $53 million in sales and more than $9.5 million of Adjusted EBITDA. The addition of SKB will extend the Company’s “innovate and accelerate” brand strategy, focused on enhancing the go-to-market process across a more diversified user portfolio. Under Clarus, SKB will have enhanced scale and resources, as well as access to Clarus’ robust relationships and channels to market. The acquisition is expected to further strengthen Clarus’ leadership in the outdoor and consumer industries, while providing access to new channels, including music and industrial end markets. John Walbrecht, President of Clarus, said, “We regularly evaluate potential acquisitions to add to and complement our portfolio, and SKB is a perfect match. We believe that the acquisition of SKB presents a compelling opportunity to extend our brand formula over a broader base and advance our strategy of growing both organically and through accretive, value-enhancing transactions.” Walbrecht added, “With a more than 40-year history of producing some of the bes...