Swedish firm to buy Cutter & Buck
Cutter & Buck Inc., which designs and markets upscale golf and sportswear to retailers, corporations and - via its catalog - directly to consumers, has signed a definitive agreement to be acquired by New Wave Group AB for $156.5 million in cash.
New Wave, Hisings Kärra, Sweden, designs and markets clothing, accessories and gifts for the corporate, promotional and consumer retail markets under several proprietary brands, including Orrefors, Kosta Boda, Sagaform, Craft and Clique.
The company sells its products throughout most countries in Europe and in China.
The deal represents an opportunity for each brand to expand its product offerings in their respective marketplaces. New Wave also expects to gain substantial synergies in buying and distribution.
Cutter & Buck, Seattle, WA, had net sales of $131 million during its latest financial year and an income from continuing operations of $9.8 million.
In 2005, the company launched a catalog and for the past several years has sponsored golfer Annika Sorenstam. Its brands include Cutter & Buck, Annika and CBUK.