Dainese Owner Investcorp Acquires Swedish Bike & Snow Apparel Maker POC
SALT LAKE CITY, USA – Last October 8 Black Diamond officially announced the complete sale of Swedish ski and bike apparel company POC to Investcorp Group; owner of Dainese. This is the Italian sportswear company for motorcycling and mountainbiking.
According to Black Diamond POC was sold for US$ 65 million (57.5 million euro). Three years ago Black Diamond bought POC for approximately US$ 44.9 million (39.8 million euro). In 2014 POC reached record sales of about US$ 34.8 million (30.8 million euro).
Traded on the Bahrain stock exchange
The new POC owner Investcorp Group (www.investcorp.com) is a leading provider and manager of what the company calls ‘alternative investment products’. It is publicly traded on the Bahrain stock exchange. In November 2014 Investcorp already acquired for 130 million euro a majority shareholding in Dainese. The combination POC and Dainese brings obvious synergies for both companies.
“We are delighted to be partnering with Investcorp in the next stage of our development,” said POC founder and CEO Stefan Ytterborn. “Investcorp will provide us the opportunity accelerate our growth, to increase sales, to penetrate into new markets and drive forward innovation, without deviating from our ultimate mission of doing the best we can to possibly save lives and reduce the consequences of accidents for gravity sports athletes and cyclists.”
“We would like to thank all of our employees and partners for their work in building POC into one of the most innovative, fastest-growing and hottest brands in the action sports protective gear market,” said Black Diamond CEO Peter Metcalf, “We are proud of the reputation POC has built around safety and protection for gravity sports athletes, and are also confident in its bright future under Investcorp’s portfolio, which includes Dainese, the most recognized and respected brand for safety and quality in dynamic sports markets.”
Mid of 2012 US outdoor performance equipment supplier Black Diamond Inc. acquired first Swedish skiing and cycling helmets, apparel and accessories supplier POC and then Austrian avalanche rescue equipment maker Pieps. Since then a lot was going on at the Salt Lake City based company.
Strategic review process
For Black Diamond the POC sale is part of a strategic review process. “Black Diamond plans to maximize shareholder value by focusing its attention on the profitability of both Black Diamond Equipment and Pieps brands while redeploying the proceeds of the sales to potentially unrelated and diversifying investments”, explains CEO Peter Metcalf.
Due to this strategic review process the US company sold already its backpack company Gregory Mountain Products in 2014 for US$ 84,1 million (62,6 million euro) to US luggage manufacturer Samsonite.