Bauer Performance Sports Ltd. announced that funds managed by Kohlberg Management VI, LLC, Bauer’s largest shareholder, have completed the sale of an aggregate of 3.45 million common shares of the company at a price of Cdn$11.60 per share, including the exercise in full of the over-allotment option. The offering was completed on a bought deal basis by an underwriting syndicate led by RBC Capital Markets and Paradigm Capital Inc. Bauer did not receive any proceeds from the offering.
“I am pleased to announce the successful completion of this secondary offering and welcome the company’s new institutional and individual shareholders,” said Kevin Davis, president and CEO of Bauer.
Immediately following closing, the Kohlberg Funds own an equivalent of 31.0 percent of the issued and outstanding Common Shares on a non-diluted basis (approximately 25.5 percent on a fully diluted basis). The Common Shares sold under the terms of the offering had previously been held by the Kohlberg Funds in the form of Proportionate Voting Shares which were converted to Common Shares to facilitate the secondary offering on the basis of one Proportionate Voting Share for 1,000 Common Shares, consistent with the terms of the company’s articles.
Bauer Performance Sports Ltd. is a leading developer and manufacturer of ice hockey, roller hockey, and lacrosse equipment as well as related apparel. Its brands include Bauer, Mission, Maverik, Cascade and Inaria.
