Johnson Outdoors, Inc. entered agreed to sell the Eureka! Military and Commercial Tents product lines of its Camping business segment to Rekord Group, a global company that specializes in commercial, event and military tents and structures.
The transaction is expected to close by March 17, 2023, subject to customary closing conditions. Rekord Group will buy the military and commercial tents product lines, and a facility in Binghamton, NY, for an estimated $13.7 million, subject to certain potential customary purchase price adjustments mutually agreed to by the parties in connection with the closing.
The sale does not include the Eureka! brand name or the Eureka! consumer/recreational camping business, which Johnson Outdoors said it would continue to operate.
“The agreement with Rekord Group will allow Johnson Outdoors’ Camping business to focus more of its efforts on opportunities in our recreational camping business and lead with consumer-focused innovation. We are excited for the Eureka! Military and Commercial Tents team to join the Rekord Group, and we are confident that, together, they will continue to provide excellent service and products to their customers,” said Helen Johnson-Leipold, Chairman and Chief Executive Officer of Johnson Outdoors.
“For years, Rekord’s business model was built around engineering and manufacturing of large-scale tents and structures for both military and commercial use. Eureka! Military and Commercial Tents is an immense opportunity to expand our product line to accommodate the needs of every customer. I could not imagine a better fit,” said Tomasz Krawczuk, Owner and Chief Executive Officer of Rekord Group.
Photo courtesy Eureka! Military Tents