K2 Inc. has acquired yet another company to “tuck-in” to its team sports division. Miken Sports, the Caledonia, Wisconsin-based manufacturer of carbon fiber softball and baseball bats was acquired two weeks ago for an undisclosed sum. The deal had reportedly been in the works for over a year.
Miken sales were estimated to be in the $10 million to $12 million range.
The company was founded in 1997 and has since developed proprietary composite bat technology. Miken claims to have the number one selling high-end softball bat in the U.S.
The company has grown to just over 60 employees. Owner and CEO Jeb Griffith and son Pete Griffith, who was president of the company, both left the company after the deal was completed.
Dudley Mendenhall, K2s CFO told a local paper that Miken will be a “great fit” with Rawlings and Worth.
KTO currently has no plans to move the company, but Mendenhall did say that he would not rule out the possibility of a move in the future in order to improve operating efficiencies.
Griffith, who is 66, told a local paper that he decided to sell the company partly because of his age, but also because the company has been so successful lately. He also said that he will continue to own the buildings and land where Miken operates, leasing them to K2 Inc.