The Blackstone Group said Thursday it has acquired German outdoor retailer Jack Wolfskin.
This story first appeared in the July 22, 2011 issue of WWD. Subscribe Today.
Terms of the deal were not disclosed, although sources said Blackstone paid 700 million euros, or $1 billion at current exchange. The transaction is expected to close in August.
“We have seen consistent growth in the outdoor market, and Jack Wolfskin has played a leading role in this. Management at Jack Wolfskin has proven its ability to build a strong brand, and we look forward to supporting further growth throughout Germany and internationally,” said Dr. Axel Herberg, senior managing director at Blackstone.
Christian Brandt, chief financial officer at Jack Wolfskin, said, “We are pleased to have a long-term oriented and experienced strategic investor with Blackstone on board.”
Wolfksin was founded in 1981 as a private label of the Frankfurt outdoor retailer Sine. Its most recent owners were Quadriga Capital and Barclays Private Equity, who bought the firm in 2006 for about 90 million euros.
In 2010, gains in the western European and Chinese markets helped boost sales 21 percent to 304 million euros, or $401.3 million at the average exchange rate for the period.