(Updated, 5:30 p.m.)
NEW BEDFORD – Golf apparel and accessory maker Ahead has reached an agreement to sell itself to New Wave Group, a Gothenburg, Sweden-based apparel and giftware company.
The deal is to be valued at $22.4 million, according to a release from the companies, and includes a “net asset value adjustment” of $5 million in addition to the base price of $17.4 million. The companies said in the release that in the deal, New Wave would “acquire substantially all of the assets” of Ahead.
Founded in 1995, Ahead employs 264 at its New Bedford facility, and reported 2010 sales of nearly $32 million, with an operating profit of $2.7 million.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
It has endorsement contracts with golf legends Arnold Palmer and Jack Nicklaus, as well as current PGA Tour and LPGA stars, Retief Goosen and Brittany Lincicome. Its products include headwear, men’s and women’s golf apparel, and a wide range of golf accessories, including divot tools, bag tags, money clips and ball markers.
“We´re looking forward to being part of the New Wave family,” said Founder and CEO Ken Shwartz. In addition, Ahead expects to gain “access to [New Wave’s] extensive distribution network and exceptional product-related resources worldwide.”
At the same time, Shwartz said that “other than normal seasonal adjustments, all current employees are to be retained.”
“Ahead’s strong market position in the headwear category will be an excellent complement to our business components”, said Torsten Jansson, managing director and CEO of New Wave Group, which counts golf apparel brand Cutter & Buck, as well as gift brand Orrefors, among its properties. Added Jansson, “Ahead has been recognized for revolutionizing headwear in the golf community.”
“It is New Wave’s intention and hope, in the long term, to ship more orders out of the New Bedford facility and grow its capacity and employment,” said Shwartz.
