Clarus Corp to Acquire Bear Archery for $110M
Ticker: CLAR · Form: 8-K · Filed: Mar 7, 2024 · CIK: 913277
| Field | Detail |
|---|---|
| Company | Clarus Corp (CLAR) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | bullish |
Sentiment: bullish
Topics: acquisition, m&a, outdoor-recreation
TL;DR
Clarus buying Bear Archery for $110M, expected to boost earnings.
AI Summary
Clarus Corp. announced on March 7, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of Bear Archery Products, Inc. for a purchase price of $110 million. The transaction is expected to close in the second quarter of 2024, subject to customary closing conditions. This acquisition is anticipated to be accretive to Clarus's earnings per share in the first full year following closing.
Why It Matters
This acquisition significantly expands Clarus's outdoor recreation segment by adding a well-established brand, potentially leading to increased market share and revenue diversification.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, and integration risks are inherent in any M&A transaction.
Key Numbers
- $110M — Acquisition Price (Clarus Corp. is acquiring Bear Archery Products, Inc. for this amount.)
Key Players & Entities
- Clarus Corp. (company) — Acquiring company
- Bear Archery Products, Inc. (company) — Target company
- $110 million (dollar_amount) — Purchase price for Bear Archery
- March 7, 2024 (date) — Date of definitive agreement
- second quarter of 2024 (date) — Expected closing period
FAQ
What is the primary business of Bear Archery Products, Inc.?
While not explicitly detailed in this filing, Bear Archery is a well-known brand in the archery and hunting industry, suggesting its primary business is related to archery equipment and accessories.
What is the expected impact of the acquisition on Clarus Corp.'s financial performance?
The acquisition is anticipated to be accretive to Clarus's earnings per share in the first full year following closing.
Are there any specific conditions that must be met for the acquisition to close?
Yes, the transaction is subject to customary closing conditions.
When is the acquisition of Bear Archery expected to be completed?
The transaction is expected to close in the second quarter of 2024.
Has Clarus Corp. undergone significant name changes in the past?
Yes, Clarus Corp. was formerly known as Black Diamond, Inc. and SQL FINANCIALS INTERNATIONAL INC /DE/.
Filing Stats: 697 words · 3 min read · ~2 pages · Grade level 13.1 · Accepted 2024-03-07 16:26:42
Filing Documents
- tm248231d1_8k.htm (8-K) — 27KB
- tm248231d1_ex99-1.htm (EX-99.1) — 307KB
- logo.jpg (GRAPHIC) — 3KB
- 0001104659-24-031919.txt ( ) — 529KB
- clar-20240307.xsd (EX-101.SCH) — 3KB
- clar-20240307_lab.xml (EX-101.LAB) — 33KB
- clar-20240307_pre.xml (EX-101.PRE) — 22KB
- tm248231d1_8k_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition On March 7, 2024, Clarus Corporation (the "Company") issued a press release announcing results for the fourth quarter and year ended December 31, 2023 (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 and incorporated herein by reference. The Press Release contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization ("EBITDA"), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash (defined as net cash provided by operating activities less capital expenditures). The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectation. The non-GAAP measures are reconciled to comparable GAAP financial measures within the press release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies. The information in Item 2.02 of this Current Report on Form 8-K and the Press Release attached hereto as Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under th
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Description 99.1 Press Release dated March 7, 2024 (furnished only). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 7, 2024 CLARUS CORPORATION By: /s/ Michael J. Yates Name: Michael J. Yates Title: Chief Financial Officer