Jack Wolfskin acquired by Anta Sports for 260 million euros

Business

Image: Jack Wolfskin

German outdoor outfitter Jack Wolfskin is getting a new owner. The US-based group Topgolf Callaway Brands Corp. announced on Thursday that it intends to sell the brand to the Chinese sporting goods group Anta Sports Products Limited.

A corresponding agreement has already been signed for a basic purchase price of 290 million dollars, which could still be subject to current adjustments. According to the previous owner, the transaction is expected to be completed towards the end of the second quarter or at the beginning of the third quarter. However, it still requires the usual antitrust approvals.

Jack Wolfskin Ausrüstung für Draussen GmbH & Co. KGaA, based in Idstein, Germany, has belonged to Callaway since 2019. At the time, the group paid 476 million dollars to a group of financial investors for the acquisition of the brand.

Topgolf Callaway wants to focus more on its core business and strengthen its finances

Chip Brewer, president and CEO of Topgolf Callaway Brands, explained why the group now wants to part with Jack Wolfskin again. “This sale will allow us to focus more on our core business and optimize our resources,” he said in a statement. “It is also important that the proceeds further improve our balance sheet and liquidity and strengthen our financial flexibility in the run-up to the planned separation of Topgolf from our core business.”

The group did not quantify the possible financial impact of the sale on its annual forecasts. However, it is expected that Jack Wolfskin will generate sales of around 325 million euros and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of around 12 million euros in the current financial year, according to a statement.

This article was translated to English using an AI tool.

Anta Sports

Jack Wolfskin

Mergers and acquisitions

Topgolf Callaway