Bauer Performance
Sports Ltd. entered into a definitive agreement to acquire Cascade Helmets
Holdings, Inc., best known for its lacrosse helmets, for a purchase price of
US$64 million, payable in cash and subject to adjustment. The acquisition is
expected to close on or about June 29, subject to satisfaction of customary
closing conditions.

Cascade is the
leading manufacturer of lacrosse helmets and eyewear in North America, and is a
well-recognized brand in the broader lacrosse equipment industry. In addition
to Cascade’s lacrosse business, the acquisition also includes Cascade’s
recently-established hockey helmet business, which has experienced success in
the industry with its M11 helmet, co-developed with hockey icon Mark Messier.
Cascade designs and manufactures all of its products at its operations in
Liverpool, NY, which provides a 48-hour turnaround time for custom helmet
orders and over 750,000 different color combinations.

Bauer said the
acquisition expands Bauer’s presence in the lacrosse equipment industry, adding
helmets to the Maverik family of sticks, heads, shafts and protective gear.
Bauer also plans to leverage Bauer’s commitment to product development and
safety, realize attractive cross-selling opportunities, and achieve cost
synergies. At the same time, Bauer intends to leverage Cascade’s patented
head-protection technologies and extend and build upon its partnership with
Mark Messier to improve player safety through product developments, education and
awareness initiatives. Bauer also plans to continue Cascade’s custom
manufacturing capabilities for lacrosse and hockey helmets and expects to
expand manufacturing at its facility to include Bauer-branded hockey helmets.

“The
acquisition of Cascade increases our presence in North America’s fastest
growing team sport, and allows us to expand our product offering in our core
hockey business through the use of Cascade’s proprietary helmet technology and
manufacturing capabilities,” said Kevin Davis, President and Chief Executive
Officer, Bauer Performance Sports, in a statement.

In
an interview with Sports Executive Weekly, Davis said the company is developing
an integration plan and will finalize that over the course of the next few
months. Added Davis, “That said, we will continue to run both the Cascade
and Maverik lacrosse brands as one, combined business unit under the Bauer
Performance Sports umbrella. On the personnel side, while there may be some
shifts in roles, responsibilities and reporting structure in the future, we do
not anticipate a reduction in the collective workforce of Maverik, Cascade or
Bauer as a result of the acquisition. There are also no immediate changes in
sales force responsibilities for Maverik, Cascade or Bauer.”

The Liverpool facility will remain fully
operational and expects to expand manufacturing at the Liverpool facility to
include Bauer branded helmets, said Davis.

Mark Messier will also continue to play an active role in the business.
Said Davis, “We are really excited to tap into his experience and passion
moving forward. Mark Messier has been a vocal supporter of making the game of
hockey safer and “The Messier Project” has been successful in increasing
awareness and education regarding head injuries. Cascade, Bauer and Mark
Messier all share the same passion to make the game safer through technological
advancements, education and awareness and the combination of these efforts can
be extremely powerful moving forward. Mark Messier will assist Bauer in further
developing and communicating Bauer’s overall safety message, as well as play a
role in future initiatives.