July 25, 2014

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Article

Black Diamond Completes Sale of Gregory Mountain Products

Press Release

July 25, 2014

Salt Lake City – Black Diamond, Inc., a supplier of outdoor equipment and apparel, has completed the asset sale of its Gregory Mountain Products, LLC brand for $84.1 million to Samsonite LLC.

The divestiture is part of Black Diamond's plan to focus on its core brands, including POC and Black Diamond apparel. Black Diamond has used a portion of the proceeds from the sale to pay down its debt with Zions Bank and plans to reinvest the remainder to support growth and long-term development of its core brands.

"Closing the sale of Gregory marks a critical point in our strategic pivot initiated last fall," said Peter Metcalf, president and CEO of Black Diamond. "We believe that we are now positioned for enhanced growth from our core and fastest-growing brands."
Black Diamond has realized net proceeds of approximately $68.4 million after fees, expenses and taxes. It previously had approximately $26.7 million of outstanding debt under its credit facility with Zions Bank as of March 31, which was paid off in full with the closing of the transaction.

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