Bauer Performance Sports Ltd. (BPS), a designer and manufacturer of sports equipment and apparel, acquired the Easton Baseball/ Softball business from Easton-Bell Sports.
Under the terms of the asset purchase agreement, BPS acquired Easton Baseball/ Softball for a total all-cash consideration valued at US$330 million, plus a working capital adjustment and fees. BPS expects the acquisition to be accretive to Adjusted Earnings per Share in the first year of ownership.
Bauer was represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP on the M&A and financing with a team including Angelo Bonvino, David Klein, Samuel Welt, Danielle Gaier, Craig Salm, Virginia Mann, Jennifer Gunser and Ben Leese; by Stikeman Elliott LLP with a team including Ian Putnam, Jonah Mann and Frank Selke (corporate/M&A); Dean Kraus (tax), Craig Mitchell and Andrew Grant (banking) and Michael Kilby (competition); and by Smart & Biggar/Fetherstonhaugh on intellectual property matters with a team including Sanjay Goorachurn, Francois Guay, Stephan Georgiev, Christian Bolduc, Marc Gagnon, Ekaterina Tsimberis, Martin Tremblay, Andreanne Auger, George Elvira and Catherine Tremblay.
Easton was represented by Ropes & Gray on the M&A and financing with a team including Carl Marcellino, Richard Conklin, Darryl Hazelwood, Mark Xiong, Jenelle DeVits, Robert Schmidt, Matt Bertenthal, Edward Black, Sabrina Ross and Nathaniel Kurtis.
A syndicate of lenders led by Bank of America, N.A., established a US $200 million asset-backed (ABL) revolving credit facility and a US $450 million term loan credit facility in favour or BPS to finance the acquisition by it of the Easton Baseball/Softball business from Easton-Bell Sports. Bank of America, N.A. was represented by Borden Ladner Gervais LLP in Canada with a team led by Shane Pearlman (financial services), which included Howard Silverman, Hannah Dutch, Vincent Frenette and Joelle Girard (financial services); Andrew Harrison (pensions), Natasha Miklaucic (tax) and Timothy Bailey (IP); and Davis Polk & Wardwell LLP in the US with a team led by Monica Holland, which included Hilary Dengel and Aryeh Ethan Falk.