Blackstone Group Buys Outdoor Clothing Brand Jack&Nbsp; Wolfskin

2011/7/22 9:27:00 115

Germany outdoor

clothing

Brand Jack Wolfskin announced on Thursday that it has accepted the acquisition of Blackstone Group, a private investment giant, to help companies expand in Eastern Europe and Scandinavian countries.

Jack Wolfskin indicates that

brand

Manfred Hell, co-founder, will no longer be CEO of the company.

Mann Forde Hall has been in charge of the company for nearly 25 years, he said in a statement on Thursday. "It is a difficult experience for me to lead a small company in a newly rising market to this day."

Jack Wolfskin mainly focuses on the fast developing outdoor sportswear market. Sports apparel giants including Adidas have been hoping to enter the market in many countries including Russia.

Jack Wolfskin has enjoyed strong growth in China, mainly in sports equipment such as jackets, backpacks, tents and mountaineering shoes.

At present, the company has shifted its focus to countries such as Eastern Europe and Scandinavia.

The two sides did not publish detailed trading terms, but people familiar with the matter said that the paction price could be around 700 million euros ($994 million).

Blackstone said it had contacted several candidates with "international vision and experience" and could announce a new CEO in a few weeks.

Puma

Former senior manager Andreas Kreutz (Andreas Klotz) will join the company as chief financial officer. The current chief financial officer, Christian Brandt, will be pferred to Chief Operating Officer (Klotz).

Blackstone said the acquisition of Jack Wolfskin will be completed in August.