Shakespeare, the fishing tackle subsidiary of K2, has bought Penn Fishing, a U.S. company based in Philadelphia that is described as a market leader in salt-water trolling, spinning reels and salt-water rods. Financial terms of the purchase were not disclosed. Penn will likely remain based in Philadelphia and will continue to be run by Dave Martin, the company’s president. Synergies are envisaged particularly in sourcing of rods and logistics. Shakespeare, which is already very strong in rods, will be become strong in reels as well, particularly in the U.S. market.