Bauer Performance Sports Ltd. has completed the acquisition of Cascade Helmets Holdings, Inc., the manufacturer and distributor of men's and youth lacrosse helmets in North America, from North Castle Partners. Bauer entered into an agreement to acquire Cascade on June 13 for approximately US$64 million, payable in cash and subject to adjustment.

The purchase price and related transaction expenses were funded through the issuance of approximately C$30 million of new equity and the balance in new borrowings, as further described below.

Cascade is the leading designer, developer, manufacturer and marketer of lacrosse helmets and eyewear in North America, and is a leading and well-recognized brand in the broader lacrosse equipment industry. The Cascade Acquisition expands Bauer's presence in the lacrosse equipment industry, adding the industry's premier line of helmets to the Maverik family of sticks, heads, shafts and protective gear. The transaction also provides an attractive opportunity to leverage Bauer's commitment to product development and safety, realize attractive cross-selling opportunities, and achieve cost synergies.

Bauer also announced:

  • The closing of the public offering of 3,691,500 common shares at a price of C$7.80 per share, including the exercise in full of the over-allotment option, for gross proceeds of C$28,793,700 (the “Public Offering”). The Public Offering was completed through a syndicate of underwriters led by RBC Capital Markets as bookrunner, co-led by Paradigm Capital Inc., and including National Bank Financial and Scotiabank.
  • The closing of the concurrent private placement of the equivalent of 642,000 common shares at the same price as those sold under the Public Offering (the “Concurrent Private Placement”), for gross and net proceeds of C$5,007,600, which were purchased by funds advised or managed by Kohlberg Management VI, LLC, Bauer's majority shareholder.
  • The closing of the amendments to its existing credit facilities (the “Amended Credit Facility”) as described in Bauer's short form final prospectus dated June 22, 2012.