Acquisition deepens product expertise in key growth vertical
SALT LAKE CITY, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) ("Clarus” and/or the "Company”), a global company focused on the outdoor enthusiast markets, today announced that Rhino-Rack, a leading brand in Clarus's Adventure segment, has acquired certain assets of RockyMounts™, a Colorado-based brand specializing in bicycle transport products.
For over 30 years, RockyMounts has designed innovative roof and hitch rack solutions, attracting a dedicated following of customers thanks to the products' distinct style and exceptional durability. Founded by Bobby Noyes in Boulder, Colorado in 1993, RockyMounts is known for making well designed and dependable premium bicycle racks and other accessories compatible with vehicles of all sizes, including SUVs, vans and trucks. Its award-winning products can be found in local and national retailers across North America.
"This acquisition underscores our continued focus on investing proactively to strengthen our Adventure portfolio,” said Warren Kanders, Clarus' Executive Chairman. "We previously stated that we would be seeking complementary product add-ons, and we could not be more pleased to have completed the transaction with the RockyMounts team. In line with our established strategic roadmap, we've identified bicycle racks as a critical product category, and RockyMounts will enable us to seek to expand our addressable market to reach the broader bike rack and hitch-based products market. Importantly, we believe that adding RockyMounts will add immediate scale and help accelerate our brand penetration in the U.S., as well as provide an entry point to serve a new product category in Rhino-Rack's home market of Australia.”
Mathew Hayward, Managing Director of Clarus' Adventure segment, said, "With an enthusiast consumer base and innovative product offering, RockyMounts is an ideal acquisition for Rhino-Rack, and we are excited to add them to our family of brands. As we integrate the business into our facility in Colorado, we look forward to continuing to collaborate with founder Bobby Noyes, a bike rack pioneer, who will stay on as a critical member of the innovation team moving forward.”
The terms of the transaction were not disclosed, and it was funded using cash on hand.
About Clarus Corporation
Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leader in the design and development of best-in-class equipment and lifestyle products for outdoor enthusiasts. Driven by our rich history of engineering and innovation, our objective is to provide safe, simple, effective and beautiful products so that our customers can maximize their outdoor pursuits and adventures. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company's products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors® brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers.
Forward-Looking Statements
Please note that in this press release we may use words such as "appears,” "anticipates,” "believes,” "plans,” "expects,” "intends,” "future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release, include, but are not limited to, material differences in the actual financial results of the RockyMounts acquisition as compared with expectations, including the impact of the acquisition on Clarus' future earnings per share as well as those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled "Risk Factors” in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company's Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
Company Contact:
Michael J. Yates
Chief Financial Officer
Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
Tel 1-212-477-8438 / 1-212-227-7098
[email protected] / [email protected]
