Columbia Sportswear Receives Notice of Early Termination of Hart-Scott-Rodino Act Waiting Period for Previously Announced Proposed Acquisition of prAna Living, LLC
PORTLAND, Ore.--(BUSINESS WIRE)-- Columbia Sportswear Company (NASDAQ:COLM), a leading innovator in the global outdoor apparel, footwear, accessories and equipment industries, today announced that on May 12th the U.S. Federal Trade Commission granted early termination of the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) with respect to the company’s previously announced proposed acquisition of prAna Living, LLC from majority owner Steelpoint Capital Partners and all other minority members for $190 million in cash.
Early termination of the HSR Act waiting period satisfies one of the conditions to the closing of the transaction, which is expected to occur during the second quarter of 2014, subject to the satisfaction of other customary conditions.
About Columbia Sportswear
Columbia Sportswear Company is a leading innovator in the global outdoor apparel, footwear, accessories and equipment industry. Founded in 1938 in Portland, Oregon, our products are sold in approximately 100 countries and have earned an international reputation for innovation, quality and performance. Our products feature innovative technologies and designs that protect outdoor enthusiasts from the elements, increase comfort, and make outdoor activities more enjoyable. In addition to the Columbia® brand, Columbia Sportswear Company also owns the outdoor brands Mountain Hardwear®, Sorel®, Montrail® and OutDry®. To learn more, please visit the company’s websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, www.montrail.com and www.outdry.com.
prAna is a lifestyle apparel brand that draws its name from the ancient Sanskrit word for breath, life and vitality of the spirit. The prAna team creates mindfully designed, purposeful and stylish clothing for free-spirited people to pursue their passions from the mountains to the beach. Since its founding in 1993, prAna has been committed to sustainable practices in both its operations and supply chain, working to reduce its impact on soils, water supplies and other natural resources while promoting conservation. prAna is also conscious of its impact on communities and has worked to include a growing number of fair trade styles every year. It is the first apparel company in North America to offer Fair Trade USA-certified products and accessories. prAna is sold in five flagship stores, online at prana.com, and in 1,400 specialty retailers across the US, Canada, Europe and Asia. To learn more, visit www.prana.com.
This document contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected closing of the prAna acquisition. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (“Risk Factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Risk Factors include, among others: the possibility that the prAna acquisition does not close successfully; the ability to combine Columbia’s business operations with prAna’s successfully or in a timely and cost-efficient manner; the degree of business disruption to Columbia and/or to prAna that may result from the acquisition and related integration efforts; loss of key customer accounts; and the ability to successfully develop prAna’s brand and business globally. Additional risk factors are discussed in the Company’s reports filed with the Securities and Exchange Commission and exhibits thereto. The company cautions that forward-looking statements are inherently less reliable than historical information. The company does not undertake any duty to update any of the forward-looking statements after the date of this document to conform them to actual results or to reflect changes in events, circumstances or its expectations. New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
Columbia Sportswear Company
Ron Parham, 503-985-4584
Sr. Director of Investor Relations
& Corporate Communications
Scott Trepanier, 503-985-4183
Source: Columbia Sportswear Company
Released May 15, 2014