New Wave Group AB has entered into an agreement to acquire substantially all of the assets of the US based headwear company, Ahead, for a sum of $17.4 million in addition to a net asset value adjustment of approximately $5 million.

The acquisition will be included in a newly formed subsidiary within New Wave USA Inc. During 2010, Ahead reported sales of close to $32 million with an operating profit (EBIT) of approximately $2.7 million. The acquisition of Ahead would further enhance the New Wave Group corporate portfolio, as the parent company of Cutter & Buck, Clique, Craft, Orrefors, Kosta Boda among other brands. The transaction is expected to close in the third quarter of 2011 and is subject to customary closing conditions.

Ahead is best known for its premier headwear collections that feature original approaches to logo embroidery options. Founded in 1995, Ahead has been able to capitalize on the golf industrys desire for high-quality graphics on headwear and an array of garments. Based in New Bedford, MA, the company operates four distinct business units; Mens Apparel, Ahead Headgear, the Heavy Metal line of golf accessories and the Kate Lord TM Collection of womens hats, apparel and accessories.

Aheads strong market position in the headwear category will be an excellent complement to our business components, said Torsten Jansson, managing director and CEO of New Wave Group. Ahead has been recognized for revolutionizing headwear in the golf community.

Ken Shwartz, CEO and founder of Ahead, commented, We´re looking forward to being part of the New Wave family and access to their extensive distribution network and exceptional product related resources world-wide.