SGB 2023 Year In Review: Active Lifestyle M&A Activity Remains Quiet —Part I

While the active lifestyle industry again saw a number of smaller to medium-size acquisitions during 2024, major deals for the second year in a row were few and far between due to a combination of higher interest rates, an uncertain economy, and fewer consolidators. In many cases, companies that had been consolidators in the past became major sellers rather than buyers due to internal challenges.

VF Corporation sold the Supreme brand to Ray-Ban and Sunglass Hut owner EssilorLuxottica for $1.5 billion after shelling out over $2 billion for the cult streetwear brand in 2020.

Bracken Darrell, who joined VF Corp. as CEO in July 2023 after turning around computer accessories maker Logitech International, moved to sell Supreme to improve the company’s liquidity position and better focus on reviving the growth of its core brands, including Vans and The North Face. By 2023, VF had also taken write-downs of two-thirds of Supreme’s value since the acquisition, reflecting its brand erosion in three short years.

In February 2024, Clarus Corp. sold its Precision Sport segment (Sierra Bullets and Barnes Bullets) to JDH Capital Co., the parent of Savage Arms and Pure Archery, for approximately $175 million. The move enabled Clarus to pay down its debt, refocus its Outdoor (Black Diamond) and Adventure (Rhino-Rack, Maxtrax, Tred Outdoors) segments, and avoid the regulatory and political pressures of operating an ammunition business.

Clarus’ growth also slowed in recent quarters due partly to elevated inventory levels in the outdoor channel. The company returned to acquisitions in early December 2024 by purchasing RockyMounts, a Colorado-based brand specializing in bike transport products.

Vista Outdoor, which had been aggressively snapping up brands in the outdoor, golf and ammo space, made a small tuck-in acquisition of PinSeeker, a golf simulator competition platform, but has held off all acquisitions since announcing plans in May 2022 to separate its outdoor and ammo segments into two independent, publicly-traded companies.

The planned separation led to Vista reaching an agreement in October 2023 to sell its ammo business to Czechoslovak Group (CSG) for $1.91 billion, driving a seemingly endless bidding war stoked by Dallas-based private equity firm MNC Capital.

On November 27, Vista announced that CSG had completed the acquisition of The Kinetic Group, which includes the Federal, Remington, CCI, Hevi-Shot, and Speer ammo brands, for $2.23 billion. Vista Outdoor also agreed to sell its Revelyst outdoor segment, which includes Fox Racing, CamelBak, Simms, Blackburn, Foresight Sports, and other brands, to New York-based Strategic Value Partners for $1.125 billion.

Among still active consolidators, Authentic Brands Groups (Authentic) acquired Champion from HanesBrands in a deal valued at $1.2 billion, with the potential to reach $1.5 billion in performance-based earnouts. Authentic also acquired Sperry from Wolverine Worldwide for $70 million.

Other mergers in the apparel space in 2024 included New Era acquiring the ’47 Brand, Imperial Headwear snapping up Pukka, and Iconix’s purchase of Salt Life out of bankruptcy proceedings.

Montreal-based Lolë Brands was active, acquiring Louis Garneau Sports (Garneau, Sugoi, and Sombrio) in mid-September, a few weeks after attaining Sanuk from Deckers Brands.

Also in the footwear space, RG Barry, the parent of Dearfoams, was acquired by an affiliate of Tokyo’s Marubeni Growth Capital; Pajar Canada merged with Canadian-rival Cougar Shoes; and Swiss-based snowboard specialist Nidecker Group bought Sole Technology (Etnies, éS, Emerica, and ThirtyTwo).

In the outdoor space, a surprise was Yeti Holdings paying $48.5 million for Mystery Ranch and a Maryland-based iron cookware manufacturer, Butter Pat Industries, although the move supported the brands’ expansion into bags and cookware categories.

Other outdoor brands that found new owners this year included Klean Kanteen, Romp Skis and Taxa Outdoors.

The industry’s mega-deal was KKR’s purchase of Varsity Brands, the parent of BSN Sports and Varsity Spirit, from Bain Capital and Charlesbank in a deal reportedly valued at $4.75 billion.

Other deals in the team sports space included Sports Endeavors, the parent of soccer.com, acquiring New Jersey-based soccer retailer Ewing Sports; Soccer Post’s marriage to Soccer Pro; CCM Hockey’s acquisition by European private-equity Firm Altor; and Lax.com absorbing rival Universal Lacrosse.

In the retail space, JD Sports again made waves by purchasing Hibbett Sports for an implied enterprise value of $1.11 billion. The U.K.-based chain marked its entry into U.S. retailing with the 2018 acquisition of The Finish Line, followed by purchasing Shoe Palace in 2020 and DTLR in 2021.

Other notable deals in the retail space included Shoe Carnival’s acquisition of Rogan Shoes, which included 28 stores in Illinois, Minnesota and Wisconsin, and Mountain Warehouse’s purchase in a bankruptcy court auction of Eastern Mountain Sports (EMS).

Below is the list of M&A transactions SGB Media reported in the first half of 2024. 

January 2024

• Colt CZ Acquires Grenade Launcher Technology Colt CZ Group SE, through its subsidiary Colt, acquired the intellectual property rights for the Mk 47 Automatic Grenade Launcher, including the Fire Control, from General Dynamics Ordnance and Tactical Systems.
• Camping World to Acquire Two Locations in Louisiana Camping World Holdings, Inc. announced plans to acquire Bent’s RV, with two locations in Boutte and Albany, LA, respectively. The company expected to close the transaction in the second quarter of 2024 and increase its Louisiana location count to four.
• Rapala VMC Sells Injection Molding Business The Group sold its injection molding business to Finnish mold and injection molded parts manufacturer Muottituote Group Oy, with an agreement signed on December 22, 2023. The company reported that approximately 20 employees would transfer to Muottituote as part of the terms of the deal.
• Rapala Jumps Deeper into the U.S. Rod and Reel Market with 13 Fishing Acquisition Within its diverse brand portfolio, 13 Fishing offers freshwater and in-shore rods and reels in the ice fishing market.
• Fitness Ventures Acquires Crunch Toledo The acquisition is part of Crunch Toledo’s growth plan for Fitness Ventures, aiming to own and operate 100 clubs by 2027.
• Pure Hockey Acquires Arizona Hockey Retailer The company said the move to acquire Behind the Mask marks its first entry into the Arizona market.
• Wolverine World Wide, Inc. Sells Sperry Brand The sale of Sperry to Authentic Brands Group will reportedly generate total proceeds of approximately $130 million in the first quarter to pay down debt, strengthening its balance sheet.
• Patrick Industries, Inc. Acquires Sportech, LLC in $315 Million Deal Following closing, Sportech will continue operations as a wholly owned subsidiary of Patrick under the Sportech name and within its existing facilities.
• Camping World to Acquire Three Minnesota Locations The company plans to acquire Roth RV with locations in Bemidji, Grand Rapids and Deerwood, MN, closing the transaction in the second quarter of 2024.
• General RV Center Acquires Independence RV Center Independence RV was founded in 1985 by Ronnie Jordan at a one-acre leased facility in Orlando, FL. Four years later, he relocated the dealership to the city of Winter Garden where it operates today.
• GoPro to Acquire Forcite Helmet Systems Through the acquisition, GoPro reported it would work to enhance the performance and safety of motorcycle helmets with the long-term goal of tech-enabling other helmet categories.
• The Athlete’s Foot Parent to Acquire Lloyd’s Shoes Arklyz AG and Lloyd Shoes owner AG Ara signed definitive agreements for Arklyz to acquire the German footwear brand with all its operating subsidiaries.
• American Baitworks Co. Acquires Freedom Tackle Corp. The company acquired Freedom Tackle Corp. from co-owners Michael and Nick Tamburro. The brothers founded the company in 2012.
• JD Sports Fashion Completes Acquisition of Polish Partner In the financial year to January 2023, the Poland-based Marketing Investment Group (MIG) generated approximately £270 million in revenue. As of December 30, 2023, it operated 403 stores in 13 countries, including 23 JD stores.
• Promountings Acquires Aqua Training Bag The boxing fitness equipment designer and manufacturer acquired the water-filled training bag brand.
• American Pride Outdoors Acquires Half Rack The company reported that through the acquisition, it “aims to expand its offerings and provide a wider range of products to hunters around the world.”
• Pure Hockey Expands into Iowa with New Acquisition Acquiring JT’s Slap Shot in Urbandale, IA, marks Pure Hockey’s first entry into the state.
• KV Capital Merges Two Powersports Brands Via Acquisition The company anticipates merging the UTV Canada business with Mountain Sports Distribution, the full-service powersports distributor that joined the KV Capital Fund II portfolio in 2023.
• Circana to Acquire Golf Datatech The transaction is subject to customary closing conditions and expected to be completed by March 2024. Under the terms of the agreement, Golf Datatech will operate as a wholly-owned subsidiary of Circana.
• GearJunkie Parent Acquires Pack Hacker The acquisition is expected to complement AllGear Digital’s brand portfolio, which covers outdoor sports, cycling, surfing, and other outdoor pursuits.
• WaterRower Acquires CityRow in Rowing Equipment and Content Tie-up The acquisition complements WaterRower’s almost 40 years of rowing manufacturing, global distribution, and Nohrd’s brand of strength and performance products.
• Triple Eight Distribution Acquires Certain Pro-Tec Brand Assets Combining Pro-Tec to its brand portfolio, including Triple Eight, 187 Killer Pads, Eightball, Wipeout, and 80six, enables Triple Eight to deliver a broader breadth and depth of protective gear to the global action sports market.
• BaseMap Completes Acquisition of HuntScore The complementary acquisition accelerates its industry-specific strategy to transform hunt planning, mapping and research via mobile devices.
• Yeti Holdings to Acquire Mystery Ranch Mystery Ranch and its employees will continue to operate out of Bozeman, MT and work with Yeti over the next several months to integrate the teams and functions.

February 2024

• Black Diamond Parent Closes on Sale of Ammo Business Clarus Corp. completed the sale of its Precision Sport segment (Sierra Bullets, LLC and Barnes Bullets – Mona, LLC) to Bullseye Acquisitions, LLC, an affiliate of JDH Capital Company.
• PPA Tour and Major League Pickleball Close Merger The professional pickleball organizations Carvana PPA Tour (PPA Tour) and the MLP by Margaritaville (MLP) announced the completion of the company’s previously announced merger and the formation of a singular pro pickleball holding company.
• Baseline Fitness, LLC Acquired by Private Investment Firm The Planet Fitness franchisee, which has 100 locations, was acquired by Mayfair Capital Partners, a division of Oxford Financial Group, Ltd.
• Veldskoen Shoes Founders Re-Acquire Brand from Mark Cuban, Ashton Kutcher Veldskoen Shoes opened a U.S. headquarters in Atlanta to expand the business stateside. The initiative comes after the founding families re-acquired the brand in late 2023.
• Romp Skis Acquired by Former Crested Butte Retail Technician New owner Chase Gardaphe, who worked at Flatiron Sports in Crested Butte for the 2007/08 season following college, started his career in manufactured housing in 2008 before receiving his MBA.
• Shoe Carnival Acquires Rogan Shoes; Pre-Announces FY Results on Solid Holiday Gains The acquisition is expected to be immediately accretive to the company’s fiscal 2024 earnings and generate approximately $84 million in sales and roughly $10 million in operating income, excluding transaction and integration costs.
• Alterra Mountain Company to Acquire A-Basin Alan Henceroth, A-Basin’s COO, who has worked for A-Basin for 36 years, will continue to lead the resort, overseeing operations and future capital improvement plans, which include expanding parking and snowmaking.
• Sea to Summit Acquires its Nordic Distributor Cirdan has been “instrumental in distributing Sea to Summit outdoor equipment on the sport and outdoor markets for almost 20 years.”

March 2024

• Revelyst Acquires PinSeeker a Golf Simulator Competition Platform Foresight Sports will integrate PinSeeker into the maker of golf launch monitors and simulators in Vista Outdoor’s Revelyst’s Precision Sports Technology platform. PinSeeker employees will relocate to San Diego, CA, where Revelyst’s Precision Sports technology platform is based.
• OnX Acquires TroutRoutes, Expands into the Angling Industry OnX Fish will launch on iOS and website exclusively in Minnesota this spring, with plans to expand across the Midwest later this year.
• Soccer Post Acquires Soccer Pro, Continues Growth as Largest Soccer Specialty Retailer in the U.S. For over three decades, Soccer Post has sold soccer apparel, footwear and gear in the U.S. and is a leading national omni-channel specialty retailer.
• Overstock Parent Acquires Zulily Assets; Plans Site Relaunch Before Summer Zulily’s new website will be functional by the end of Q2 and contribute to Beyond’s 24-month revenue goal without adding incremental fixed expenses. Overstock is scheduled to relaunch later this month.
• Klean Kanteen Acquired by Think Better Group The Group will grow Klean Kanteen’s North American distribution while further elevating the brand into European and Asia Pacific markets.
• Fenix Outdoor Acquires 30 Percent of Fjällräven Retail Partner Arctic Fox s.r.o. Artic Fox runs six Fjällräven stores and online businesses in the Czech Republic and Slovakia. Fenix Outdoor has the option to increase its ownership over time.
• Longwood Hockey Acquires Palm Beach Ice Works and Palm Beach Breakers This transaction launches the beginning of Robbins, Laferriere and the Longwood Hockey efforts to “revolutionize hockey” in South Florida.

April 2024

• GSM Outdoors Acquires Mid-America Rod Company Located in Arkansas, Mid-America Rod Company has been manufacturing fishing rods in the U.S. since 1976. The company also manufactures its signature series of Virtus Rods and produces OEM rods for other companies.
• Egym Acquires UK Corporate Fitness Player Hussle With the integration of Hussle, the Egym Wellpass program reportedly includes unlimited access to a network of up to 1,500-plus gyms, pools, and spas via one discounted pass, covering 96 percent of UK regions in England, Scotland, Wales, and Northern Ireland.
• Gordon Brothers Acquires Catch Co. Assets Catch Co. brands include Mystery Tackle Box, 10,000 Fish, BioSpawn, Hard Hat Jigs, Heavy Metal Tungsten, Stickies Hooks, and collaborations.
• Riddell Acquires Product Design and Development Partner The company acquired longtime partner Simbex, the health research and product design and development company headquartered in Lebanon, NH, to elevate its position in sports technology.
• Tommie Copper Acquires Profoot Footcare Device Division This strategic carve-out acquisition will integrate Profoot’s device portfolio and technology into Tommie Copper’s pain management offerings, continuing its focus on pain relief solutions for the feet.
• KPS Capital Partners to Acquire Sport Group Sport Group designs, manufactures and installs artificial surfaces serving the global sports flooring, leisure, landscaping, and industrial markets in over 70 countries. Its brand portfolio includes AstroTurf, Polytan, SYNLawn, LigaTurf, Poligras, Rekortan, and Laykold.
• The Curling Group Acquires Grand Slam of Curling from Sportsnet New ownership group backed by international curlers to invest in growing the sport.
• Storyteller Overland Acquires Taxa Outdoors, Names CEO The L Catterton-backed combined entity will “empower new generations of underserved and underrepresented customers to elevate their experiences and pursue their passions in the outdoors.”
• Unrivaled Sports Acquires YTH Sports With the acquisition of YTH Sports, Unrivaled Sports reported that “it expects to welcome nearly 600,000 athletes and 1.2 million attendees in 2024 through its 13 owned and operated properties.”
• Buds Guns Shop CEO Acquires Business from Founder Bud Wells CEO Joe Murphy acquired sole company ownership. Murphy will remain CEO, continuing to grow its leadership role in the shooting sports industry.
• Lax.com Acquires Key Lacrosse Marketplace Competitor Lax.com expects to see a substantial expansion of its scope in the lacrosse marketplace, acquiring one of its chief competitors, Universal Lacrosse.
• Walmart Sells Bonobos to Express And WHP Global For Fraction Of Purchase Price Express, Inc. and global brand management firm WHP Global agreed to acquire menswear brand Bonobos, Inc. from Walmart, Inc. for a combined purchase price of $75 million, the first jointly-made acquisition by WHP Global and EXPR since finalizing its partnership earlier this year.
• Unrivaled Sports Acquires Diamond Nation Sports Complex In New Jersey The expansion follows Josh Harris, David Blitzer and The Chernin Group’s recent launch of the company, which oversees seven baseball and softball facilities through Ripken Baseball, Cooperstown All-Star Village and Sports Force Parks.
• Authentic Brands Group Purchases IP Of Vince Authentic Brands Group reported it agreed with Vince Holding Corp. (VNCE) to acquire the fashion brand’s intellectual property for an undisclosed amount.
• Johnson Health Tech Retail Finalizes Bowflex Acquisition Johnson Health Tech Retail intends to fold the BowFlex and Schwinn operations into its North American sporting goods/e-commerce group. The company reported that BowFlex will complement its team with experts from the BowFlex organization.
• Alterra Mountain Co. Completes Acquisition of BC Heli Ski Operation Alterra closed on the purchase of Mike Wiegele Helicopter Skiing in Blue River, BC, Canada, further expanding the company’s heli-skiing portfolio, complementing CMH Heli-Skiing & Summer Adventures.
• Ammo, Inc. Acquires Tooling Manufacturer The owner of GunBroker.com acquired a tooling manufacturer that provides resources toward the production of ammunition in its Manitowoc, WI factory.
• Thompson/Center Arms Acquired by Former Owner Gregg Ritz, the former owner of Thompson/Center Arms, acquired the company to “reinvigorate the brand and its legacy in the firearms market.“
• Unrivaled Sports Acquires Under the Lights Powered by Under Armour Founded in 2015, Under the Lights Powered by Under Armour operates 170 local flag football leagues with 35,000 boys and girls from first through eighth grades, organizing events for over 5,000 teams in 27 states.

May 2024

• Daisy Manufacturing Acquires Compass Diversified’s Crosman Air Gun Division The deal gives Daisy ownership of the designer, manufacturer and marketer of air guns, accessories and related consumables sold under the Crosman, Benjamin, Game Face, LaserMax and Centerpoint Optics brands.
• Vail Resorts Shifts Europe Leadership, Closes Crans-Montana Acquisition Vail closed on the purchase of Crans-Montana Mountain Resort and represents the company’s second strategic investment to own and operate ski resorts in Europe.
• Superstroke Acquires Lamkin Golf Grips In its efforts to help all golfers improve their swings, the company offers putter grips with new shapes, sizes, materials, and technologies. Most recently, the company purchased the 100-year-old company, Lamkin Grips.
• Simon Property Group Sells Stake in Authentic Brands Group Simon Property Group reported it sold the remaining 10 percent stake in brand management firm Authentic Brands Group for $1.2 billion.
• Hydrow Acquires Majority Stake in Speede Fitness The acquisition supports Hydrow’s mission to “expand as a whole-body health company by incorporating a critical modality to diversify its product lineup.”
• Sports Endeavors Acquires NJ-Based Soccer Specialty Retailer The parent of Soccer.com completed the acquisition of regional soccer specialty retailer Ewing Sports, based in New Jersey.
• Imperial Headwear Acquires Pukka The headwear manufacturer founded in 1916 and owned by CPC, completed the acquisition of Pukka, a designer, manufacturer and marketer of custom headwear in the golf, action sports and team sporting goods markets based in Findlay, OH.
• TAF Parent Completes Acquisition of Germany-based Lloyd Shoes Arklyz owns The Athlete’s Foot, Asphaltgold, Intersocks, Arkrod, and several global licenses or wholesale distribution for Salomon, Head, Nordica, Mammut, Crocs, Adidas, HeyDude, and others.
• The Nidecker Group Acquires Iconic Skate Brands from Sole Technology The Swiss-based snowboard company has reportedly inked an agreement with Sole Technology to acquire its portfolio of skate brands, including Etnies, éS, Emerica, and ThirtyTwo.

June 2024

• Golf Genius Acquires Swing by Swing Golf Golf Genius reported it acquired the owner of the SwingU golf GPS and scorecard app and the SwingU Coach performance data platform.
• Outdoor Voices Acquired by Consortium Brand Partners The athleisure lifestyle brand, founded in 2013 by Tyler Haney, marks CBP’s second acquisition following its majority stake ownership in Reese Witherspoon’s fashion and lifestyle brand, Draper James, in September 2023.
• Echelon Fitness Acquires Advanced Recovery Company ThriveX The maker of at-home exercise equipment for the global fitness, wellness and sports market, acquired ThriveX, the manufacturer of recovery products, including cold immersion systems, smart hybrid saunas and compression boots.
• Acme Tackle Company Acquires Two Brothers Innovations The owners of the Acme, Kalin’s, Beaver Dam, Moonshine, Reef Runner, Uncle Josh, Atom, and Bead brands now add the Elliott Rods and 2B Fishing brands to its portfolio.
• Marquee Brands Acquires Totes Isotoner Corp. with Randa as Partner Marquee, the parent of the Ben Sherman, Dakine and Body Glove brands, among others, has partnered with Randa Apparel & Accessories as operating partner.
• Pradco Outdoor Brands Acquires Ani-Logics Outdoors Pradco Outdoor Brands has acquired Ani-Logics Outdoors, a Worthington, MN-based maker of deer nutrition products.
• Dearfoams Parent Acquired by Marubeni Growth Capital RG Barry Brands becomes the first investment of Marubeni’s Next Generation Corporate Development Division in the U.S., a wholly-owned subsidiary of Tokyo-based Marubeni Corporation.
• BDA Acquires European Sports Merchandise Provider Woodinville, WA-based branding giant Bensussen Deutsch & Associates completed the acquisition of UK-based sports, events and promotional products provider, The Great Branding Company.
• Fromuth Racquet Sports Acquires Tennis-Point Online retailer Tennis-Point, formerly owned by Signa Sports United, has been acquired by Fromuth Racquet Sport. In the short term, Tennis-Point will be operated as a separate business and keep its name and contact details.
• Fifty 1 Labs Acquires Drago Knives The acquisition of Drago Knives, LLC, marks a milestone for Fifty 1 Labs as it expands its portfolio into the “growing market of throwing knives,“ an ancient practice dating back to prehistoric times.
• BioLite Acquires MPowerd Co-founded in 2012 as a B Corp. and Benefit Corporation by John Salzinger, MPowered CEO Seungah Jeong and the sales and marketing departments will join the BioLite team.
• Shaun White’s Unrivaled Sports Acquires Stake in Snobahn Snobahn, founded in 2016, offers indoor facilities to advance skiing, snowboarding, skateboarding, and BMX skills, with features that include revolving slopes and trampoline freestyle areas.
• Sports Direct Owner Acquires Luxury Website Frasers, the U.K.-based parent of Sports Direct, has acquired Coggles, an online seller of designer fashion, from THG as part of a multi-year partnership that also includes Frasers using THG’s technology in some parts of its business.
• JF Fitness of North America Secures Capital Investment, Acquires Crunch Franchisee Trive Capital and 808 Capital Partners invested in JF Fitness of North America, a Crunch Fitness franchisee operating 24 gyms across the Mid-Atlantic and Southeast regions. JF Fitness has acquired Team Roldan with eight gyms across the South.
• Revolve Group Acquires French Couture House Alexandre Vauthier Before the acquisition, Revolve stocked the designer’s label as part of its FWRD platform. Having trained at Thierry Mugler and Jean Paul Gaultier before launching his label in 2008, Alexandre Vauthier has since garnered a cult following.