Sporting goods firm K2 sold for $1.2 billion
Rancho Mirage entrepreneur Richard Heckmann, part owner of the Phoenix Suns, sold Carlsbad-based sporting equipment company K2 to the Jarden Corp. on Wednesday in a deal worth $1.2 billion.
Despite tripling the size of K2 since he took over as chief executive officer and board chair four years ago, Heckman said he had taken the company as far as he could without merging with another firm.
The plan is that K2, which produces K2 and Rawlings sports equipment, will join Jarden’s outdoor division, complementing Jarden's Coleman camping and recently purchased Pure Fishing brands.
Together, the Jarden companies represent a $2.5 billion sporting goods business.
Wednesday's deal will also boosts Rye, N.Y.-based Jarden from No. 585 on the Fortune 1,000 list into the rarified air of the Fortune 500. Jarden makes consumer products under brands names such as First Alert, Mr. Coffee, and Bicycle.
This will be Heckmann's second foray into the Fortune 500, after creating water treatment firm U.S. Filter, the Coachella Valley’s first Fortune 500 company.
As part of the deal, Heckmann will join the Jarden’s board of directors.
The K2 purchase will be in cash and stock valued at about $15.50 per share. The deal is expected to close in July.
Sporting goods firm K2 sold for $1.2 billion
