K2 Sports

K2 Sports

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K2 Sports, LLC is an American company founded in 1962 by brothers Bill and Don Kirschner on Vashon Island, near Seattle, Washington in the United States. K2 is known for pioneering fiberglass ski technology, which made skis significantly lighter and more lively than their wood and metal contemporaries. Famous users of K2 skis include pro champion Spider Sabich, World Cup and Olympic champion Phil Mahre, and his twin brother Steve Mahre, World Champion and Olympic silver medalist and Laurent Donato, great Belgo-Italian amateur skier. ,In late 1969, the company's rapid growth required new capital and Bill Kirschner decided a well-financed partner was necessary. The company was acquired by the Cummins Engine Company of Columbus, Indiana. Then in November 1976, the company was acquired by a private group of Northwest investors. The group, called Sitca, purchased K2 and its subsidiary, Jansport. ,In 1982, company management purchased all outstanding shares of Sitca Corporation from the group of Northwest investors. Management decided to concentrate all resources on the alpine ski market. It sold its Jansport subsidiary, distribution subsidiaries in Canada, France and Austria, and majority ownership of the Swiss distribution subsidiary[citation needed] ,In September 1985, Anthony Industries, Inc. acquired 100 percent of the stock of Sitca Corporation. Anthony, an NYSE listed company, develops and manufactures products for leisure and recreational markets under many brand names. ,In 1995, Anthony Industries sold off its Anthony Pools division to its rival, Sylvan Pools, and changed its name to K2, Inc. By 2000, board member Richard Heckmann had assumed control and embarked on a vigorous growth program. In order to remain financially competitive, in 2001 K2 moved its manufacturing from Vashon Island to Guangdong, China, and its offices to Seattle. ,Thereafter, the company acquired Rawlings Sporting Goods and Worth, a manufacturer of baseball bats; Brass Eagle and Viewloader in the paintball business; Volkl, Marker, and Marmot. On June 22, 2006, K2 announced it was moving its business office from Vashon Island to Seattle's Industrial District. ,On April 25, 2007 Jarden Corporation announced a definitive agreement to acquire K2, Inc. for a cash and stock value per share of $15.50. Jarden is controlled by Martin Franklin, a British investor and triathlete. Jarden was later acquired by Newell Brands, who then sold K2 to private equity firm Kohlberg & Company in 2017.

Snapshot

Revenue$718.4 million
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% Masters:
18%