ELY will pay €418 million ($476 mm) for the Idstein, Germany-based outdoor apparel, footwear and equipment brand, a huge pivot for the golf brand representing its first acquisition completely outside of its core business. Jack Wolfskin had trailing 12-month sales of €333,723,000 ($380.4 mm) of which 77% comes from apparel, 13% from footwear and 10% from equipment, and net income of €9,298,000 ($10.6 mm). The price is a 12x multiple of fiscal 2018 adjusted EBITDA, and will be financed with a $476 million term loan, giving Callaway a 2.9x pro forma debt/EBITDA ratio as it had no long term debt ... Log in to view full article.