Clarus Corp. completed the acquisition of Australia-based Rhino-Rack Pty Ltd. The company also amended and upsized its existing senior credit line.
Clarus’ portfolio of brands also includes Black Diamond, Sierra, Barnes, PIEPS and SKINourishment.
Rhino-Rack will continue to operate independently as a wholly-owned subsidiary of Clarus and will constitute a third reporting segment.
Clarus acquired Rhino-Rack for $AUD 194 million (approximately $USD 145 million) in cash, subject to a post-closing working capital adjustment, and approximately 2.3 million shares of Clarus common stock for a total aggregate purchase price of $AUD 273 million or approximately $USD 207 million based upon the AUD/USD exchange rate and market value of the stock price at closing. In addition, an earn-out of $AUD 10 million (approximately $USD 8 million) in cash is payable on July 31, 2022, contingent on the achievement of a specified revenue target. With the closing, Richard Cropley, Rhino-Rack’s founder
Clarus Corporation Closes Acquisition of Rhino-Rack teletrader.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from teletrader.com Daily Mail and Mail on Sunday newspapers.
In Clarus Corp.’s first discussion with the investment community since announcing plans to acquire Rhino-Rack, John Walbrecht, Clarus’ president, said the rack system manufacturer has a dominant share in Australia and New Zealand with the major initial opportunity expanding the brand to North America.
Richard Cropley founded the business in 1992 after growing tired of inferior equipment on the market but has now sold Rhino-Rack for $255 million to Nasdaq-listed Clarus Corporation.
- Transformative Acquisition Aligns with Clarus’ Global “Super Fan” Strategy and Expected to Add Significant Scale, Global Reach and Compelling Growth.