Helen of Troy, the American group that owns Hydro Flask and many other operations, has announced that one of its subsidiaries has entered into a definitive agreement to acquire Osprey Packs, the backpack manufacturer founded in California in 1974. The group said it sees synergies with its Hydro Flask drinkware and an acceleration of its international expansion goals. Osprey’s founder, co-owner and director of innovation, Mike Pfotenhauer, and his wife have decided to retire and sell the company. The total purchase consideration is expected to be about $414 million in cash, including an estimated $6 million for favorable customary closing net working capital adjustment, or less than 13.5 times projected Ebitda for 2022 on an adjusted basis. Helen of Troy expects Osprey to generate sales of $155 to $160 million in 2021, half of them in EMEA, Asia-Pacific and other markets outside the U.S. More in The Outdoor Industry Compass.
