Clarus Corp. said it canceled its planned acquisition of protective case maker S.K.B. Corp. due to uncertainties created by the COVID-19.
Clarus said in a regulatory filing, “Given the recent events surrounding the COVID-19 global pandemic, and the economic uncertainties in the United States and globally as a result thereof, each of the parties to the Purchase Agreement entered into a letter agreement dated April 30, 2020, mutually agreeing that the Purchase Agreement has expired on April 30, 2020 and is no longer effective.”
Clarus on March 12 said it entered into a definitive agreement to acquire privately held S.K.B. Corp. for $85 million in cash and 1,153,846 shares of Clarus common stock.
Headquartered in Orange, CA, 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. In 2019, SKB generated $53 million in sales and more than $9.5 million of Adjusted EBITDA.