Hillerich & Bradsby Co. has sold PowerBilt, the golf equipment and accessories brand, to Powerbilt Holdings LLC, a joint venture between Hilco Streambank and the CEO of One Step Up Apparel.
Terms weren’t disclosed.
PowerBilt is a 100-year-old brand with a history of accomplishment in both the PGA Tour and majors. PowerBilt equipment is available in major golf markets around the world, including North America, South America, Europe, Japan and Australia. The PowerBilt brand of products has been owned and operated by Hillerich & Bradsby, which has manufactured and marketed a complete line of performance golf equipment and accessories for men, women and children at affordable prices.
Powerbilt Holdings plans to honor the brand’s history and legacy as a performance golf equipment company through the expansion of its core golf equipment lines into several other related categories, including apparel. Gabe Fried, CEO of Hilco Streambank, said, “We are excited about the strength and historical equity of this brand and are already developing plans for expansion.”
The PowerBilt brand of products has been an integral part the golf equipment category for over a century building a strong following among both golf professionals and everyday golfers from around the world. Fried added “We’re confident that we can leverage the brand’s rich history of delivering the high quality products as we build on the existing legacy. Golf enthusiasts can expect to see the iconic orange Powerbilt golf bag on the professional greens again very soon.”
John Hillerich, CEO of Hillerich & Bradsby, said, “We are proud to have owned and marketed this iconic brand for over 100 years and to have provided golfers at all levels of the sport with superior quality products at affordable prices. We are certain that Hilco Streambank and their JV partners will build upon this rich history and expand the brand with our current licensees and future best in class partnerships.”
Fried indicated that as partners, Hilco Streambank and One Step Up Apparel plan to reinvigorate the label and build on its current global presence, adding new revenue streams through strategic initiatives including brand licensing deals, new products and designs, expanded distribution and increased brand marketing.
The deal follows Hillerich & Bradsby’s sale of the rights to Louisville Slugger in March 2015 to Wilson Sporting Goods Co. for $70 million. H&B now serves as Wilson’s manufacturing partner for wood bats. It also operates the Louisville Slugger Museum & Factory and produces Bionic Gloves.