While the active lifestyle M&A space in 2025 was again dominated by smaller tuck-ins and medium-size acquisitions, Skechers, Foot Locker, Hanesbrands, OrthoLite, and Helly Hansen brokered major deals that were completed during the year.
The overall number of deals remained slow for the third consecutive year due to higher interest rates, an uncertain economy and a cooling of investors’ appetite in the sector following the pandemic boom. Many consolidators in the past, including VF Corp., Wolverine Worldwide, Revelyst (formerly Vista Outdoor), and Clarus, have been less active in recent years, focusing more on selling assets than buying. However, surprising deals arrived.
On September 12, Skechers USA completed its $9.4 billion deal to go private in a sale to Brazilian private equity firm 3G Capital, becoming the largest shoe buyout in history. Skechers, ending its 26-year run as a public company and becoming the third-largest footwear company worldwide, continues to be led by father-and-son CEO Robert Greenberg and President Michael Greenberg.
Other footwear deals included Caleres’ acquisition of Stuart Weitzman for $120 million and Steve Madden’s purchase of Kurt Geiger for $360 million. Golden Goose, on December 19, announced that Chinese private equity firm HSG acquired a majority stake in the company from investors, which included owner Permira, the London-based private equity firm, in a deal that valued the Italian luxury sneaker maker at roughly 2.5 billion euros ($3 billion), including debt.
On the retail side, Dick’s Sporting Goods shocked the market with its May announcement to acquire Foot Locker, a $2.4 billion deal completed on September 8 that gives Dick’s a stronger foothold in the sneaker market, with over 3,200 stores and an entry into international markets.
Dick’s Executive Chairman, Ed Stack, now leads the global Foot Locker business, in partnership with Ann Freeman, a longtime former Nike executive who was named president of Foot Locker North America, and Matt Barnes, Aldi Group’s former CEO, who took over as president of Foot Locker International. Dick’s expects Foot Locker to be accretive to earnings in 2026, but analysts are awaiting details on potential store closures and further cost synergies.
The Nordstrom family and Mexican retailer El Puerto de Liverpool took the department store chain private in a $6.25 billion deal, ending its 54-year run as a public company.
Big 5 Sporting Goods, in early October, was acquired by a partnership of Worldwide Golf, the golf chain, and Capitol Hill Group, a private investment firm, in an all-cash deal valued at $112.7 million to also go private.
Among other retail deals, Backcountry, which was acquired in 2024 by CSC Generation Enterprises, acquired Velotech and Level Nine Sports. Pure Hockey entered the Kansas and South Dakota markets through acquisitions, and Rally House made two acquisitions to accelerate its expansion.
Other larger acquisitions included Montreal-based Gildan’s acquisition of HanesBrands for $2.2 billion in stock and cash, for an enterprise value, including debt, of approximately $4.4 billion. The merger is expected to enable Gildan to leverage and further optimize its low-cost manufacturing structure while accelerating growth at retail, especially with the Hanes brand activewear.
Coats Group Plc acquired insole manufacturer OrthoLite for $770 million, including debt. The acquisition accelerates the London-based thread manufacturer’s goal to become a global supplier of materials to the footwear industry.
Authentic Brands Group took the Guess fashion brand private in a $1.4 billion deal, including debt, and acquired Dockers from Levi Strauss for $311 million.
Kontoor Brands, the VF Corp. spinoff that owns the Wrangler and Lee denim brands, entered the outdoor space with its June acquisition of Helly Hansen for roughly $900 million. Canadian Tire, the seller, purchased Helly Hansen in 2018 for $771 million.
In the paddle space, the assets of Pelican International, Inc. and Confluence Outdoor, Inc., excluding GSI Outdoors, merged and were sold in a Canadian court-approved restructuring process to former Pelican International executives.
Hobie was sold to Bass Pro’s White River Marine Group, with plans to bring production back to the United States.
BasicNet S.p.A., the Italian owner of the Kappa, Robe di Kappa, K-Way, Superga, Sebago, and Briko brands, acquired Woolrich’s European operations and brand rights for Europe, as well as the Sundek surf brand.
Other notable deals include Marquee Brands’ purchase of Stance and Farm to Feet parent Nester Hosiery’s acquisition of Fox River Mills.
The list of M&A transactions SGB Media covered in the first half of 2025 is listed below. To the individual articles, click on the headline.
January 2025
- Marquee Acquires Laura Ashley
Marquee Brands purchased Laura Ashley, the home, fashion and lifestyle brand noted for its English aesthetic, from Gordon Brothers. Marquee Brands’ portfolio also includes Ben Sherman, Dakine, Totes Isotoner, and Body Glove. - Unrivaled Sports Acquires Rocker B Ranch for Baseball and Multi-Sport Division
The company includes four baseball fields and resort-style amenities, including lodging, food and beverage, multiple swimming pools, a fishing pond, and a music venue. The property also includes volleyball, basketball and tennis courts. - Camelbak, Bell/Giro Parent Revelyst Completes Sale to Financial Firm
The parent company of Foresight Sports, Bushnell Golf, Fox, Bell, Giro, CamelBak, and Simms Fishing was acquired by SVP in an all-cash transaction valued at $1.125 billion. - JCPenney Merges with Sparc Group to Form Catalyst Brands
The combined Catalyst Brands organization is a joint venture formed in an all-equity transaction between JCPenney and the Sparc Group, with shareholders Simon Property Group, Brookfield Corporation, Authentic Brands Group, and Shein. - KT Tape Acquired by Consumer Healthcare Investment Platform
Founded in 2008, KT Tape manufactures drug-free solutions to prevent and relieve pain and promote recovery. Palladin Consumer Retail Partners, previously known as Palladin Capital Group, acquired KT Tape in 2014. - Modern America Campgrounds Acquires King Phillip’s Campground in Lake George, NY
With the acquisition of King Phillip’s in Lake George, NY, Modern America Campgrounds will expand its portfolio to 33 parks by the beginning of next season, with three additional acquisitions reported in the pipeline. - Tagmarshal Acquires WindIQ
WindIQ technology, which measures hyperlocal, real-time wind speed, direction, and precise hole location, will enhance Tagmarshal’s on-course optimization platform. It also increases the data available to on-course operations for optimizing strategy and pace-of-play management. - SportPet Designs Acquires Mammoth Pet Products Assets
SportPet Designs, owned by Topspin Consumer Partners, a private equity firm based in Mamaroneck, NY, invests in established, profitable and fast-growing middle-market consumer businesses. - Brookfield-Backed Trimco Group Acquires Nexgen Packaging
Nexgen Packaging’s management team will continue to manage the business under CEO Jim Welch. The acquisition will allow both companies to integrate their global sales and manufacturing networks.
February 2025
- Camping World Closes on Purchase of Three Hitch RV Locations
The deal includes three locations in Delaware, Pennsylvania and New Jersey. Upon the completion of certain facility renovations, the company intends to open these locations throughout the first quarter. - Fleet Feet Franchisees Acquire Flying Feet Sports Shoes in York, PA
With stores in Mechanicsburg and Harrisburg, PA, respectively, this marks the third Fleet Feet store owned and operated by Shelby and Fred Joslyn. - SC Products Group Merges with Desert Tactical
Based on the SC-14 Gun Cleaner’s launch and first-year growth in 2024, the SC Products Group and Desert Tactical leadership teams decided to consolidate operations under the SC Products Group, LLC. - Barre3 Acquires Studio Barre to Expand Female-Owned Business
Studio Barre, the San Diego, CA-based barre brand founded in 2008 by Shannon Higgins, has 11 studios across California, Montana, Rhode Island, and South Carolina. - Bluestar Alliance Acquires Palm Angels to Expand Streetwear Stable
The acquisition follows the company’s September 2024 acquisition of Off-White from LVMH and is said to underscore its continued expansion into the high-end streetwear and luxury fashion sectors. - Tom Brady Acquires 50 Percent Ownership Stake in CardVault
As part of the agreement, CardVault will now be called CardVault by Tom Brady and expand its retail footprint with a new flagship store opening in spring 2025 at American Dream, the retail and entertainment complex in the Meadowlands Sports Complex. With Brady’s backing, CardVault plans to open new stores worldwide. - Steve Madden Board of Directors Approves Deal to Acquire Kurt Geiger
Steve Madden entered into a definitive agreement to acquire U.K.-based Kurt Geiger from a group led by international private equity firm Cinven for an enterprise value of approximately £289 million in cash. - Soccer Post Management Acquires Majority Stake in Retailer
The group acquired a majority stake in Soccer Post from TZP Group, with financial backing from York Capital Management’s private equity group and soccer-specific strategic investors. - Fin Feather Fur Outfitters Acquires MVD Sports and Specialties
MVD, founded in 1974 by Mike and Kathy Van Dine, will continue to operate under its nameplate and retain its employees. Mike will remain involved in the business. - Camping World Closes on Purchase of Lazydays in Arizona
The company closed on the asset and real estate purchase of Lazydays in Surprise, AZ. Marcus Lemonis, company chairman and CEO, expects to continue capitalizing on a “robust dealership M&A environment.” - Perfect Game Acquires Triangle Top Gun Sports
The acquisition of Triangle Top Gun Sports, LLC, from owner Wes Gregory, will bring another 4,000 travel baseball teams under the Perfect Game umbrella.
March 2025
- Camping World Closes on Another Lazydays Location Acquisition
The nation’s largest retailer of RVs, RV accessories and RV-related services, closed on the asset purchase of Lazydays in Sturtevant, WI. The company expects to close on additional locations in the coming weeks. - KNS International Acquires Birdies Brand; Gates to Stay as Brand President
Birdies, which launched in 2015 as a direct-to-consumer brand, will join the expanding KNS brand portfolio, which includes Journee, Taft and Vance. Co-founder Bianca Gates will join KNS as brand president. - Camping World Closes on Acquisition of Lazydays Elkhart
The deal is the fourth closed with the Lazydays RV dealer since February 20, 2025. The company announced in November 2024 that it was acquiring seven Lazydays locations from Lazydays Holdings, Inc. - Pure Hockey Expands Nationwide Footprint with Acquisition of Off The Bench
This strategic move marks Pure Hockey’s first entry into Nebraska. Pure Hockey also operates a network of 81 retail locations across 30 states nationwide.
April 2025
- Celsius Holdings Completes Acquisition of Alani Nu
The acquisition, for $1.8 billion, includes $150 million in tax assets, resulting in a net purchase price of $1.65 billion, comprised of cash and stock. - Marathon Sports Acquires Fleet Feet Maine Running
Fleet Feet Maine Running, the two-store specialty running store in Portland, ME, concluded the sale of its running business to Marathon Sports, a 26-location New England running specialty store brand based in Boston. - The Bay Club Expands PNW Presence with Seattle Area Acquisition
With the Pacific Northwest region now offering four clubs, the company reported that it is on track to “exceed 50 clubs and over 200,000 members by the end of 2025.” - Interactive Strength Acquires Wattbike; Pushes Toward $65M in Pro Forma Revenues
UK-based Wattbike, founded in 2008 to support Team GB, the U.K.’s Olympic team, reported generating over $15 million in annual revenue. The transaction is expected to enable TRNR to generate more than $65 million in revenue on a Pro Forma basis in 2025. - BioLite Acquires Goal Zero
The individual BioLite and Goal Zero brands will continue while combining core sales, operations, marketing, and engineering teams. The combined business will operate as BioLite Energy under the leadership of BioLite Founder Jonathan Cedar. - Crunch Fitness Acquires Nine 24 Hour Fitness Gyms in Florida
With the opening of these nine new locations, CR Fitness Holdings, LLC, led by industry veterans Vince Julien, Geoff Dyer, Scrimale, and Jeff Dotson, will operate 84 member gyms across Texas, Florida, Georgia, North Carolina, and Tennessee. - Strava to Acquire Runna Running Training App
The acquisition unites the largest global fitness community with the training app in the competitive running and training space, creating value for users and shareholders of both companies. The transaction is subject to customary closing conditions. - Sports Endeavors Extends Reach to the Midwest with Soccer Master Acquisition
Sports Endeavors, a portfolio company of Seawall Capital, LLC, acquired Soccer Master, a six-store specialty chain based in St. Louis, MO, serving four Midwest states. - Castle Peak Holdings Acquires Snow King Resort in Jackson Hole, WY
The acquisition marks Castle Peak’s eighth property and the company’s largest, following the recent opening of Trailborn Grand Canyon, Trailborn Surf & Sound and Trailborn Highlands. - Ammo, Inc. Completes Sale of Ammunition Manufacturing Assets to Olin Winchester
Olin Corporation, the parent of Winchester Ammunition, acquired Ammo, Inc.’s small-caliber ammunition manufacturing assets for $75 million. The transaction represents Ammo’s move into a high-margin, tech-enabled e-commerce company centered around GunBroker.com. - Capezio Acquired by Argand Partners
Founded in the U.S. in 1887, Capezio is an iconic global brand that designs and manufactures technical footwear, apparel, and accessories to support dancers and athletes in practice, competition and performance. It is headquartered in Totowa, NJ. - Head Group Set to Acquire Aqualung Group in Move to Dominate Dive Market
Victor Vadaneaux has been appointed CEO of Aqualung Group to ensure a smooth transition and integration. He has been a member of the group’s Supervisory Board and an advisor to the company since 2024. - TBA Worldwide Acquires Amazon Specialty Agency SaleSurf Growth
SaleSurf Growth will operate as a standalone agency within the TBA Worldwide network, with its existing team and leadership remaining in place. - Celerant Marks International Expansion with Acquisition of UK’s Saledock
Saledock has provided in-store and online retail solutions in the U.K. for over five years, serving a range of hard and soft goods retailers, specializing in bike, equestrian and sporting goods businesses with cloud-based point-of-sale, inventory and eCommerce tools. - Liberated Brands Europe Acquired by OneTurn S.A.S.
OneTurn S.A.S., a newly formed company by members of Liberated’s leadership team — CEO Joost Grootswagers and COO Antoine Lanusse — will continue to “preserve and grow the business independently.” - Pure Hockey Expands Network to SD with Hockey Headquarters Acquisition
The retailer has been on a growth surge with this deal, completed after acquiring Off The Bench in Omaha, NE, in March, bringing its network to 82 retail locations across 31 states under the Pure Hockey and Pure Goalie brands.
May 2025
- Nite Ize Expands Portfolio; Acquires Orange Screw
An alternative to tent stakes and anchoring devices, Orange Screw products come in two sizes, 12.25- and 9.5-inch, and are used for various outdoor applications, including securing tents, canopies and landscape elements. - Black Diamond Parent Finds Private Investment Buyer for Pieps Business
Clarus Corporation, owner of the Black Diamond, RockyMounts, MaxTrax, and Rhino-Rack brands, has secured a buyer for the Pieps GmbH avalanche beacon brand and assets of the JetForce avalanche pack intellectual property. - EoS Fitness Acquired by CorePower Owner TSG Consumer Partners
TSG Consumer, the owner of CorePower Yoga, following its 2017 acquisition from L Catterton, has invested in Canyon Bicycles, Revolve, Planet Fitness, and Backcountry over the last 10 years. - Former Pelican International Execs Acquire and Merge Pelican and Confluence
The transaction was led by former Pelican President and CEO Danick Lavoie, along with former executives Frederic Guay and Guy Prenevost, and supported by a diverse and experienced group of private investors. The deal excludes GSI Outdoors. - Nordstrom, Inc. Shareholders Approve Family’s Take-Private Merger Deal
Following the close of the transaction, the Nordstrom Family will hold a 50.1 percent majority ownership stake in the company, and Nordstrom will become a private company. - The Vitamin Shoppe Completes Sale to Private Equity Groups
As part of the transaction, Sharon Leite, who previously served as CEO of The Vitamin Shoppe from 2018 to 2023, has returned to lead the company as CEO. - Authentic Brands Group Acquiring Dockers Business
The owner of the Eddie Bauer, Reebok, Forever 21, Aéropostale, Brooks Brothers, Lucky Brand, Nautica, and Nine West brands has entered into a definitive agreement with Levi Strauss & Co. to acquire its Dockers business for an initial transaction value of $311 million. - iFit Inc. Enters Connected Pilates with Reform RX Acquisition
With this acquisition, iFit will integrate Pilates reformers into its product lineup, offering customers a seamless way to diversify their fitness routines. - Strava to Acquire Cycling Training App
Strava, which last month announced its purchase of running training app Runna, plans to acquire cycling training app The Breakaway. - Colt CZ Sees Robust Q1 Results; Acquires U.S.-Based Valley Steel Stamp
Prague-based Colt CZ Group SE saw sales increase 50.3 percent year-over-year in the first quarter due to an acquisition, while announcing it had reached an agreement to acquire a components supplier based in Greenfield, MA.
June 2025
- Stack Athletics Acquires Vulcan Pickleball
Chaifetz Group, owners of Major League Pickleball’s St. Louis Shock franchise and a broad portfolio of other organizations in the sport, also participated in the deal and will hold an interest in the merged companies and a seat on the newly created Board of Directors. - Oakley and Supreme Parent to Acquire Optegra Clinics Across Europe
The company will acquire Optegra’s ophthalmology platform, which operates in five key European markets: the UK, the Czech Republic, Poland, Slovakia, and the Netherlands. The transaction is expected to close later in 2025. - VF Corp. Spin-Off Completes Acquisition of Helly Hansen
Kontoor Brands, Inc. (KTB), the former denim unit of VF Corp., completed the acquisition of Helly Hansen from Canadian Tire Corp. (CTC) for roughly $900 million. The acquisition is expected to be immediately accretive to KTB’s revenue, earnings and cash flow this year. - Pitman Creek to Acquire Sports Specialists of Milwaukee, Inc.
The agreement to acquire Sports Specialists of Milwaukee, Inc. takes effect on June 23, 2025. Founded in 1972 and owned by Tom and Susan Ducrest, Sports Specialists also specializes in fishing tackle. - Topgolf Callaway Completes Sale of Jack Wolfskin to Anta Sports
Topgolf Callaway Brands Corp. completed the sale of Jack Wolfskin to Anta Sports, the largest shareholder of Arc’teryx, Wilson and Salomon parent Amer Sports, for $290 million. Callaway acquired Jack Wolfskin in 2019 for $476 million. - Hudl Completes Acquisition of Titan Sports
Combining the company’s video analysis with Titan’s GPS player tracking will “empower coaches and athletes with objective training and performance insight, including knowing how fast players run, how hard they worked and when an athlete might be pushing too hard and risking injury.” - KKR-Backed Bay Club Acquires 425 Fitness
The operator of three fitness clubs in the greater Seattle area (Bothell, Redmond and Issaquah) strengthens its PNW presence. The addition also gives Bay Club 27 fitness clubs across California. - GT Golf Supply Acquires Global Rights and IP of the Clicgear Golf Pushcart Brand
The company, backed by Kinzie Capital Partners LP, acquired the global rights to the Clicgear golf pushcart brand and all associated intellectual property from Clicgear Industrial Design, Ltd. GT Golf said Clicgear is the “leading brand in the golf pushcart market.” - Lazydays Holdings Completes Sale of Two Additional RV Sales Locations
The company will sell its Fort Pierce, FL, and Mesa, AZ, locations to General R.V. Center, Inc. In the coming weeks. The companies expect to complete the remaining divestiture in Longmont, CO. - Industry Nine Acquires We Are One Composites
Industry Nine, based in Asheville, NC, is known for its hub-and-wheel systems, while We Are One, based in Kamloops, BC, is known for its hand-laid carbon rims. By bringing the companies together, they are better positioned to “engineer exceptional products and push the boundaries of what’s possible for the cycling community.” - True Movement Acquires Mancino Mats
True Movement Tech, known for its trampolines, acquired Mancino Manufacturing Co., Inc., a U.S.-based manufacturer of safety padding and equipment for gymnastics, cheer, martial arts, and other sports facilities. - Twin Vee PowerCats Acquires Bahama Boat Works
Twin Vee plans to elevate the Bahama Boat Works product by “seamlessly integrating” Twin Vee’s innovation and engineering expertise. The key to this transition is the continued involvement of Bahama’s master boat builder, Scott Henley, who is “one of the most prolific and respected figures in the marine industry.” - Arcis Golf Acquires Three Atlanta Area Golf Clubs
The deal to acquire Country Club of the South, Johns Creek, GA; The Manor Golf & Country Club, Alpharetta, GA; and White Columns Country Club, Milton, GA, from the prior owner Invited closed on June 10. - Minnesota’s Adler’s Sporting Goods & Apparel Acquired
Adler’s Sporting Goods & Apparel, a sporting goods seller and embroiderer based in Rochester, MN, has been acquired by Beckley’s Office Products, also based in Rochester. - PlayMetrics Merges with Stack Sports
Michael Doernberg, CEO of PlayMetrics, will lead the combined organization as CEO, and Jeff Young, CEO of Stack Sports, will transition to a strategic role as advisor to the board of directors. - Pura Vida Acquired by CriticalPoint’s Private Capital; Appoints New CEO
CriticalPoint’s Private Capital announced its acquisition of Pura Vida Bracelets from Vera Bradley, Inc. Under CriticalPoint’s ownership, Ryan Heuser, co-founder and former president of Paul Frank Industries, has joined Pura Vida as CEO, effective immediately. - Colt CZ Group Closes on VSS Acquisition; Capshaw to Lead Colt’s Manufacturing Company
Steve Capshaw, the long-term co-owner and CEO of the acquired company, has joined Colt CZ Group as CEO of Colt’s Manufacturing Company. Valley Steel Stamp will be consolidated into Colt CZ Group’s financials as of June 16. - Boulder’s Full Cycle Bikes & Colorado Multisport Acquired by Mike’s Bikes
Mike’s Bikes, the 18-store bike retail chain based in Marin County, CA, has acquired Boulder’s Full Cycle Bikes & Colorado Multisport in an all-cash deal. Terms were not disclosed. - Mechanix Wear Protective Apparel Acquires Kinco to Broaden Portfolio
Kinco manufactures and distributes gloves for farm, outdoor, and industrial use, with a following in the ski and snowboard industry. This transaction represents the second add-on acquisition for the Mechanix Wear platform, which previously acquired Chicago Protective Apparel. - Cutter & Buck’s Swedish Parent Acquires Austria’s Cotton Classics
Through this acquisition, New Wave Group will strengthen its presence in several Central and Eastern European countries, particularly Austria, Germany, Switzerland, and the Czech Republic. The purchase price amounts to €47.6 million ($55mm). - Win Reality Acquires Blast Motion to Build Next-Gen Athlete Development Network
The merger will combine Win Reality’s VR training and video-based AI swing analysis with Blast Motion’s patented motion-sensor and biomechanics platform. - GSM Outdoors, Pelican Products and Momentec Brands Owner Adds Solo Group to Stable
Los Angeles-based Platinum Equity reached an agreement to acquire Solo Group, a European maker of business-to-business personalized products, including apparel, drinkware, bags and luggage, stationery, and tech accessories. - Wilson Combat Adds Performance Engineering Company Via Lehigh Defense Acquisition
The Wilson Family Companies, LLC, led by Founder and CEO Bill Wilson, owner of Chip McCormick Custom, Circle WC Ranch, Khumba Bush Camp, Scattergun Technologies, Wilson Custom Ammunition, and Wilson Combat, has acquired Via Lehigh Defense to its portfolio. - ZogSports Acquired by Volo Sports
Volo Sports, the organizer of social sports leagues and related activities for adults operating in multiple cities nationwide, acquired ZogSports, the social sports league with a reported “over 120,000 players,” based in the U.S. - U.K.-Based Footwear Distributor Gardiners Acquires Dubois
U.K.-based footwear distributor Gardiners Group has acquired European footwear distributor Dubois in a strategic move.
Image courtesy Skechers
See below for the top M&A stories for the back half of 2o25:
