June 04, 2018
It announced that IDG Capital, a U.S. private equity investor with extensive holdings in China, will take a 20% stake in its company through a capital increase as a way to launch itself in a major way into that market with an eye on being the top winter sports brand in the market by the 2022 Olympics in Beijing.
Terms of the deal weren’t disclosed, but VF said the $50 million brand will be immediately accretive to earnings.
The winter sports conglomerate will acquire Triple Peaks, LLC for $237 million including debt, which owns Okemo Mountain Resort in VT, Mount Sunapee Resort in NH, and Crested Butte Mountain Resort in CO, and will buy Stevens Pass Resort in WA for $67 million in a separate transaction.
A nasty letter from Fanatics demanded that Phanatics, which sells sports memorabilia, turn over its trademarks and domain names to Fanatics, prompted Phanatics to file suit in NJ federal court to get a declaratory judgment that its trademarks do not infringe on Fanatics.
The three Easton employees, Samuel Gasowski, Rocco Covella, and Sandy Ayers, had argued that the Performance Sports Group asset sale was a “change in control” and therefore they should be paid prepetition retention bonuses of about $335,000 in total.
After the brief uptick in March following the Parkland school shooting and the gun control talk that followed, FBI background checks continued to slide for the second straight month.
The brand, started as a partnership with Justin Timberlake in 2006, is being acquired by Concept One Accessories, which has been the global master licensee for Ful since 2014.