“2023 Unplugged: Navigating the Silence of Active Lifestyle M&A Trends – Chapter One”

While the active lifestyle sector once again witnessed several smaller to medium-sized acquisitions in 2024, significant transactions were minimal for the second consecutive year owing to a mix of rising interest rates, an unpredictable economy, and fewer consolidators. In numerous instances, firms that had previously acted as consolidators transitioned to major sellers instead of buyers due to internal difficulties.

VF Corporation divested the Supreme brand to EssilorLuxottica, the owner of Ray-Ban and Sunglass Hut, for $1.5 billion after having invested over $2 billion in the cult streetwear label in 2020.

Bracken Darrell, who became VF Corp.’s CEO in July 2023 after revitalizing Logitech International, opted to sell Supreme in a bid to enhance the company’s liquidity status and concentrate on revitalizing the growth of its core labels, which include Vans and The North Face. By 2023, VF had also recorded write-downs amounting to two-thirds of Supreme’s value since the acquisition, highlighting its brand deterioration over just three years.

In February 2024, Clarus Corp. offloaded its Precision Sport division (Sierra Bullets and Barnes Bullets) to JDH Capital Co., the parent company of Savage Arms and Pure Archery, for roughly $175 million. This decision allowed Clarus to reduce its debt, redirect its focus to its Outdoor (Black Diamond) and Adventure (Rhino-Rack, Maxtrax, Tred Outdoors) divisions, and evade the regulatory and political challenges associated with operating an ammunition business.

Clarus’ expansion also decelerated in recent quarters partially due to high inventory levels in the outdoor sector. The firm resumed acquisitions in early December 2024 with the purchase of RockyMounts, a Colorado-based brand focused on bike transport solutions.

Vista Outdoor, which had been diligently acquiring brands in the outdoor, golf and ammunition sectors, concluded a minor tuck-in acquisition of PinSeeker, a golf simulator competition platform, yet has refrained from further acquisitions since it announced plans in May 2022 to spin off its outdoor and ammunition units into two separate publicly-traded entities.

The proposed separation prompted Vista to strike a deal in October 2023 to sell its ammunition division to Czechoslovak Group (CSG) for $1.91 billion, igniting what appeared to be an interminable bidding conflict fueled by the Dallas-based private equity firm MNC Capital.

On November 27, Vista revealed that CSG had finalized the acquisition of The Kinetic Group, encompassing the Federal, Remington, CCI, Hevi-Shot, and Speer ammunition brands, for $2.23 billion. Moreover, Vista Outdoor consented to sell its Revelyst outdoor segment, which includes Fox Racing, CamelBak, Simms, Blackburn, Foresight Sports, and numerous other brands, to New York’s Strategic Value Partners for $1.125 billion.

Among the active consolidators, Authentic Brands Group (Authentic) procured Champion from HanesBrands in a deal valued at $1.2 billion, with a potential of reaching $1.5 billion through performance-based incentives. Authentic also acquired Sperry from Wolverine Worldwide for $70 million.

Other mergers in the apparel sector in 2024 included New Era taking over the ’47 Brand, Imperial Headwear acquiring Pukka, and Iconix’s purchase of Salt Life from bankruptcy proceedings.

Montreal-based Lolë Brands was prominent, securing Louis Garneau Sports (Garneau, Sugoi, and Sombrio) in mid-September, shortly after acquiring Sanuk from Deckers Brands.

Additionally, within the footwear market, RG Barry, the parent company of Dearfoams, was bought by an affiliate of Tokyo’s Marubeni Growth Capital; Pajar Canada merged with Canadian competitor Cougar Shoes; and Swiss-based snowboard specialist Nidecker Group acquired Sole Technology (Etnies, éS, Emerica, and ThirtyTwo).

In the outdoor sector, a notable transaction was Yeti Holdings’ acquisition of Mystery Ranch for $48.5 million along with a Maryland-based cast iron cookware manufacturer, Butter Pat Industries, which aided the brands’ ventures into bags and cookware categories.

Other outdoor brands that changed ownership this year encompassed Klean Kanteen, Romp Skis and Taxa Outdoors.

The industry’s headline deal was KKR’s acquisition of Varsity Brands, the parent company of BSN Sports and Varsity Spirit, from Bain Capital and Charlesbank in a transaction reportedly valued at $4.75 billion.

Additional transactions in the team sports sector included Sports Endeavors, the owner of soccer.com, securing New Jersey-based soccer retailer Ewing Sports; Soccer Post’s merger with Soccer Pro; CCM Hockey’s acquisition by European private-equity firm Altor; and Lax.com absorbing its competitor Universal Lacrosse.

In the retail sector, JD Sports once again made headlines by acquiring Hibbett Sports for an implied enterprise value of $1.11 billion. The U.K.-based chain made its debut in U.S. retail with the 2018 acquisition of The Finish Line, followed by the purchase of Shoe Palace in 2020 and DTLR in 2021.

Other significant transactions in the retail sector included Shoe Carnival’s acquisition of Rogan Shoes, which involved 28 outlets in Illinois, Minnesota and Wisconsin, as well as Mountain Warehouse’s purchase during a bankruptcy court auction of Eastern Mountain Sports (EMS).

Below is the summary of M&A activities SGB Media noted in the first half of 2024. 

January 2024

• Colt CZ Acquires Grenade Launcher Technology Colt CZ Group SE, via its subsidiary Colt, secured the intellectual property rights for the Mk 47 Automatic Grenade Launcher, encompassing the Fire Control, from General Dynamics Ordnance and Tactical Systems.
• Camping World to Acquire Two Locations in Louisiana Camping World Holdings, Inc. declared intentions to acquire Bent’s RV, encompassing two locations in Boutte and Albany, LA, respectively. The company anticipates completing the transaction in the second quarter of 2024, aiming to elevate its Louisiana location count to four.
• Rapala VMC Divests Injection Molding Enterprise The Group has divested its injection molding enterprise to Finnish mold and injection molded components producer Muottituote Group Oy, with a contract finalized on December 22, 2023. The firm announced that roughly 20 employees would transition to Muottituote as part of the arrangement.
• Rapala Advances Further into the U.S. Rod and Reel Sector with 13 Fishing Purchase Among its varied brand portfolio, 13 Fishing provides freshwater and inshore rods and reels tailored for the ice fishing market.
• Fitness Ventures Purchases Crunch Toledo This purchase forms a part of Crunch Toledo’s expansion strategy for Fitness Ventures, which aims to own and operate 100 clubs by 2027.
• Pure Hockey Obtains Arizona Hockey Retailer The firm announced that the acquisition of Behind the Mask signifies its inaugural move into the Arizona marketplace.
• Wolverine World Wide, Inc. Transfers Sperry Brand The transfer of Sperry to Authentic Brands Group is projected to yield about $130 million in total proceeds in the first quarter to reduce debt, thereby bolstering its financial stability.
• Patrick Industries, Inc. Acquires Sportech, LLC in a $315 Million Transaction Post-closing, Sportech will continue to operate as a completely owned subsidiary of Patrick, retaining the Sportech name and its existing premises.
• Camping World to Purchase Three Locations in Minnesota The company intends to acquire Roth RV, which has locations in Bemidji, Grand Rapids and Deerwood, MN, with the deal expected to close in the second quarter of 2024.
• General RV Center Acquires Independence RV Center Independence RV was established in 1985 by Ronnie Jordan at a one-acre leased facility in Orlando, FL. Four years later, he moved the dealership to Winter Garden where it is currently located.
• GoPro to Obtain Forcite Helmet Systems Through this acquisition, GoPro indicated it would focus on enhancing the functionality and safety of motorcycle helmets, aiming to eventually tech-enable various helmet categories.
• The Athlete’s Foot Parent to Take Over Lloyd’s Shoes Arklyz AG along with AG Ara, the owner of Lloyd Shoes, signed definitive contracts for Arklyz to acquire the German shoe brand along with all its operational subsidiaries.
• American Baitworks Co. Buys Freedom Tackle Corp. The firm has purchased Freedom Tackle Corp. from co-founders Michael and Nick Tamburro, who established the company in 2012.
• JD Sports Fashion Finalizes Purchase of Polish Associate In the fiscal year ending January 2023, the Poland-based Marketing Investment Group (MIG) produced approximately £270 million in revenue. As of December 30, 2023, it operated 403 stores across 13 countries, which includes 23 JD outlets.
• Promountings Purchases Aqua Training Bag The boxing fitness equipment designer and manufacturer has acquired the brand of water-filled training bags.
• American Pride Outdoors Secures Half Rack The enterprise stated that through this acquisition, it “intends to broaden its product offerings and present a more extensive range of items to hunters globally.”
• Pure Hockey Expands into Iowa through New Acquisition With the acquisition of JT’s Slap Shot in Urbandale, IA, Pure Hockey marks its entry into the state for the first time.
• KV Capital Integrates Two Powersports Brands via Acquisition The company expects to combine UTV Canada’s operations with Mountain Sports Distribution, a full-service powersports distributor that joined the KV Capital Fund II portfolio in 2023.
• Circana to Take Over Golf Datatech This transaction is contingent upon standard closing conditions and is anticipated to be finalized by March 2024. As per the agreement’s terms, Golf Datatech will function as a wholly-owned subsidiary of Circana.
• GearJunkie Parent Acquires Pack Hacker The acquisition is projected to enhance AllGear Digital’s brand collection, encompassing outdoor sports, cycling, surfing, and various outdoor activities.
• WaterRower Obtains CityRow in Rowing Equipment and Content Collaboration This acquisition complements WaterRower’s nearly 40 years of rowing manufacture, global distribution, and Nohrd’s brand of strength and performance products.
• Triple Eight Distribution Acquires Select Pro-Tec Brand Assets Incorporating Pro-Tec into its brand portfolio, which includes Triple Eight, 187 Killer Pads, Eightball, Wipeout, and 80six, allows Triple Eight to offer a wider range and deeper selection of protective gear for the global action sports market.
• BaseMap Completes Purchase of HuntScore This complementary acquisition hastens its industry-specific strategy to revolutionize hunt planning, mapping and research via mobile platforms.
• Yeti Holdings to Purchase Mystery Ranch Mystery Ranch and…
  “`its staff will persist in functioning from Bozeman, MT and collaborate with Yeti in the upcoming months to unify the teams and operations.

February 2024

• Black Diamond Parent Finalizes Transaction of Ammo Division Clarus Corp. has finalized the transaction of its Precision Sport segment (Sierra Bullets, LLC and Barnes Bullets – Mona, LLC) to Bullseye Acquisitions, LLC, linked with JDH Capital Company.
• PPA Tour and Major League Pickleball Conclude Merger The professional pickleball entities Carvana PPA Tour (PPA Tour) and the MLP by Margaritaville (MLP) declared the completion of their previously declared merger and the establishment of a unified pro pickleball holding organization.
• Baseline Fitness, LLC Purchased by Private Investment Firm The Planet Fitness franchise operator, possessing 100 locations, was purchased by Mayfair Capital Partners, a sector of Oxford Financial Group, Ltd.
• Veldskoen Shoes Founders Reclaim Brand from Mark Cuban, Ashton Kutcher Veldskoen Shoes established a U.S. headquarters in Atlanta to broaden its business presence in the country. This move follows the founding families reclaiming the brand in late 2023.
• Romp Skis Purchased by Former Crested Butte Retail Specialist The new proprietor, Chase Gardaphe, who served at Flatiron Sports in Crested Butte during the 2007/08 season after college, initiated his path in manufactured housing in 2008 prior to earning his MBA.
• Shoe Carnival Acquires Rogan Shoes; Pre-Announces FY Outcomes on Strong Holiday Performance The acquisition is anticipated to be immediately beneficial to the company’s fiscal 2024 earnings, projecting approximately $84 million in sales and around $10 million in operating income, excluding transaction and integration expenses.
• Alterra Mountain Company to Procure A-Basin Alan Henceroth, A-Basin’s COO, who has been with A-Basin for 36 years, will persist in leading the resort, managing operations and future capital enhancement strategies, which involve expanding parking and snowmaking.
• Sea to Summit Acquires Nordic Distributor Cirdan has played a vital role in distributing Sea to Summit outdoor gear across the sport and outdoor markets for nearly 20 years.

March 2024

April 2024

• GSM Outdoors Purchases Mid-America Rod Company Based in Arkansas, Mid-America Rod Company has been producing fishing rods in the U.S. since 1976. The company also produces its distinctive range of Virtus Rods and makes OEM rods for various other businesses.
• Egym Acquires UK Corporate Fitness Player Hussle With Hussle’s integration, the Egym Wellpass program reportedly provides limitless access to a network of more than 1,500 gyms, pools, and spas through a single discounted pass, covering 96 percent of UK regions in England, Scotland, Wales, and Northern Ireland.
• Gordon Brothers Procures Catch Co. Assets Catch Co. brands feature Mystery Tackle Box, 10,000 Fish, BioSpawn, Hard Hat Jigs, Heavy Metal Tungsten, Stickies Hooks, and various collaborations.
• Riddell Acquires Product Design and Development Partner The company acquired its long-term partner Simbex, the health research and product design and development firm based in Lebanon, NH, to enhance its position in sports technology.
• Tommie Copper Purchases Profoot Footcare Device Division This strategic carve-out acquisition aims to incorporate Profoot’s device range and technology into Tommie Copper’s pain management products, maintaining its commitment to pain relief solutions for the feet.
• KPS Capital Partners to Procure Sport Group Sport Group manufactures, designs and installs artificial surfaces catering to global markets in sports flooring, leisure, landscaping, and industry across over 70 countries. Its brand portfolio includes AstroTurf, Polytan, SYNLawn, LigaTurf, Poligras, Rekortan, and Laykold.
• The Curling Group Acquires Grand Slam of Curling from Sportsnet The new ownership group, supported by international curlers, aims to invest in promoting the sport.
• Storyteller Overland Acquires Taxa Outdoors, Appoints CEO The entity, backed by L Catterton, will “enable new generations of underserved and underrepresented customers to enhance their outdoor experiences and pursue their interests.”
• Unrivaled Sports Obtains YTH Sports Following the acquisition of YTH Sports, Unrivaled Sports stated that “it anticipates to welcome nearly 600,000 athletes and 1.2 million attendees in 2024 through its 13 owned and operated venues.”
• Buds Guns Shop CEO Purchases Business from Founder Bud Wells CEO Joe Murphy secured complete ownership. Murphy will stay on as CEO, continuing to enhance its leadership standing in the shooting sports sector.
• Lax.com Acquires Key Lacrosse Marketplace Competitor Lax.com expects a significant growth in its reach within the lacrosse marketplace, having obtained one of its primary competitors, Universal Lacrosse.
• Walmart Transfers Bonobosto Express And WHP Global For A Portion Of Purchase Price Express, Inc. alongside WHP Global, a worldwide brand management company, reached an agreement to acquire the menswear label Bonobos, Inc. from Walmart, Inc. at a total acquisition cost of $75 million, marking the inaugural collaborative purchase by WHP Global and EXPR since establishing their partnership earlier this year.
• Unrivaled Sports Acquires Diamond Nation Sports Complex In New Jersey The growth follows the recent establishment by Josh Harris, David Blitzer and The Chernin Group of a company that manages seven baseball and softball venues through Ripken Baseball, Cooperstown All-Star Village and Sports Force Parks.
• Authentic Brands Group Purchases Intellectual Property Of Vince Authentic Brands Group announced it has entered an agreement with Vince Holding Corp. (VNCE) to acquire the fashion label’s intellectual property for an undisclosed amount.
• Johnson Health Tech Retail Finalizes Bowflex Acquisition Johnson Health Tech Retail plans to integrate the BowFlex and Schwinn operations under its North American sporting goods/e-commerce division. The company indicated that BowFlex will enhance its team with specialists from the BowFlex entity.
• Alterra Mountain Co. Completes Acquisition of BC Heli-Ski Operation Alterra has successfully acquired Mike Wiegele Helicopter Skiing in Blue River, BC, Canada, thus further broadening the company’s heli-skiing portfolio and complementing CMH Heli-Skiing & Summer Adventures.
• Ammo, Inc. Acquires Tooling Manufacturer The proprietor of GunBroker.com has purchased a tooling manufacturer that supplies resources for ammunition production at its Manitowoc, WI facility.
• Thompson/Center Arms Acquired by Former Owner Gregg Ritz, the prior owner of Thompson/Center Arms, has reacquired the company with intentions to “revitalize the brand and its heritage in the firearms sector.“
• Unrivaled Sports Acquires Under the Lights Powered by Under Armour Founded in 2015, Under the Lights Powered by Under Armour manages 170 local flag football leagues involving 35,000 youth from first to eighth grades, organizing events for over 5,000 teams across 27 states.

May 2024

• Daisy Manufacturing Acquires Compass Diversified’s Crosman Air Gun Division This acquisition grants Daisy control over the design, manufacturing, and marketing of air guns, accessories, and various related consumables sold under the Crosman, Benjamin, Game Face, LaserMax, and Centerpoint Optics brands.
• Vail Resorts Shifts European Leadership, Closes Crans-Montana Acquisition Vail has finalized the acquisition of Crans-Montana Mountain Resort, representing the company’s second strategic move to own and manage ski resorts in Europe.
• Superstroke Acquires Lamkin Golf Grips As part of its initiative to assist golfers in enhancing their swings, the company presents putter grips in new designs, sizes, materials, and technologies. Recently, the firm acquired the century-old company, Lamkin Grips.
• Simon Property Group Sells Stake in Authentic Brands Group Simon Property Group reported it liquidated the remaining 10 percent ownership in brand management company Authentic Brands Group for $1.2 billion.
• Hydrow Acquires Majority Stake in Speede Fitness This purchase furthers Hydrow’s goal to “grow as a whole-body health enterprise by incorporating a vital modality to diversify its product range.”
• Sports Endeavors Acquires NJ-Based Soccer Specialty Retailer The parent company of Soccer.com has completed the acquisition of regional soccer specialty store Ewing Sports, located in New Jersey.
• Imperial Headwear Acquires Pukka The headwear company, founded in 1916 and owned by CPC, has finalized the acquisition of Pukka, a designer, manufacturer, and marketer of custom headwear in the golf, action sports, and team sporting goods sectors based in Findlay, OH.
• TAF Parent Completes Acquisition of Germany-based Lloyd Shoes Arklyz possesses The Athlete’s Foot, Asphaltgold, Intersocks, Arkrod, and various global licenses or wholesale distribution for Salomon, Head, Nordica, Mammut, Crocs, Adidas, HeyDude, among others.
• The Nidecker Group Acquires Iconic Skate Brands from Sole Technology The Swiss snowboard company has reportedly signed a pact with Sole Technology to acquire its skate brand portfolio, which includes Etnies, éS, Emerica, and ThirtyTwo.

June 2024

• Golf Genius Acquires Swing by Swing Golf Golf Genius disclosed it has acquired the proprietor of the SwingU golf GPS and scorecard app in addition to the SwingU Coach performance data platform.
• Outdoor Voices Acquiredby Consortium Brand Partners The athleisure lifestyle brand, established in 2013 by Tyler Haney, signifies CBP’s second acquisition after its majority stake acquisition in Reese Witherspoon’s fashion and lifestyle brand, Draper James, in September 2023.
• Echelon Fitness Acquires Advanced Recovery Company ThriveX The producer of home exercise equipment for the global fitness, wellness and sports industry has acquired ThriveX, the creator of recovery products, including cold immersion systems, smart hybrid saunas and compression boots.
• Acme Tackle Company Acquires Two Brothers Innovations The proprietors of Acme, Kalin’s, Beaver Dam, Moonshine, Reef Runner, Uncle Josh, Atom, and Bead brands have now integrated the Elliott Rods and 2B Fishing brands into their collection.
• Marquee Brands Acquires Totes Isotoner Corp. with Randa as Partner Marquee, the parent company of Ben Sherman, Dakine and Body Glove brands, among others, has collaborated with Randa Apparel & Accessories as their operating partner.
• Pradco Outdoor Brands Acquires Ani-Logics Outdoors Pradco Outdoor Brands has taken over Ani-Logics Outdoors, a Worthington, MN-based creator of deer nutrition solutions.
• Dearfoams Parent Acquired by Marubeni Growth Capital RG Barry Brands becomes the inaugural investment of Marubeni’s Next Generation Corporate Development Division in the U.S., a wholly-owned subsidiary of Tokyo-based Marubeni Corporation.
• BDA Acquires European Sports Merchandise Provider Woodinville, WA-based branding powerhouse Bensussen Deutsch & Associates finalized the acquisition of UK-based sports, events and promotional products distributor, The Great Branding Company.
• Fromuth Racquet Sports Acquires Tennis-Point Online retailer Tennis-Point, previously owned by Signa Sports United, has been acquired by Fromuth Racquet Sport. In the immediate future, Tennis-Point will operate as an independent entity, retaining its name and contact information.
• Fifty 1 Labs Acquires Drago Knives The acquisition of Drago Knives, LLC, signifies a significant milestone for Fifty 1 Labs as it broadens its portfolio into the “expanding market of throwing knives,”“ a time-honored practice with roots in prehistoric periods.
• BioLite Acquires MPowerd Co-founded in 2012 as a B Corp. and Benefit Corporation by John Salzinger, MPowered CEO Seungah Jeong and the sales and marketing teams will be incorporated into the BioLite group.
• Shaun White’s Unrivaled Sports Acquires Stake in Snobahn Snobahn, established in 2016, provides indoor facilities designed to enhance skiing, snowboarding, skateboarding, and BMX abilities, featuring amenities such as rotating slopes and trampoline freestyle zones.
• Sports Direct Owner Acquires Luxury Website Frasers, the U.K.-based parent company of Sports Direct, has acquired Coggles, an online retailer specializing in designer fashion, from THG as part of a multi-year collaboration that also includes Frasers utilizing THG’s technology in specific segments of its operations.
• JF Fitness of North America Secures Capital Investment, Acquires Crunch Franchisee Trive Capital and 808 Capital Partners have invested in JF Fitness of North America, a Crunch Fitness franchisee managing 24 gyms across the Mid-Atlantic and Southeast territories. JF Fitness has acquired Team Roldan, which operates eight gyms in the South.
• Revolve Group Acquires French Couture House Alexandre Vauthier Prior to the acquisition, Revolve carried the designer’s collection as part of its FWRD platform. Having trained at Thierry Mugler and Jean Paul Gaultier before starting his label in 2008, Alexandre Vauthier has since cultivated a devoted following.