TORONTO, ONTARIO--(Marketwired - Nov 1, 2013) - Bauer Performance Sports Ltd. ("BPS" or the "Company") (BAU.TO), announced today that funds managed by Kohlberg Management VI, LLC (the "Kohlberg Funds") have completed the sale of an aggregate of 6,325,000 common shares of the Company ("Common Shares") at a price of Cdn$12.15 per share, including the exercise in full of the over-allotment option. The offering was completed on a bought deal basis by an underwriting syndicate led by RBC Capital Markets and Paradigm Capital Inc., and also including GMP Securities L.P., Cormark Securities Inc., National Bank Financial Inc. and ROTH Capital Partners, LLC. BPS did not receive any proceeds from the offering.
Immediately following closing, the Kohlberg Funds own an equivalent of 12.1% of the issued and outstanding Common Shares on a non-diluted basis (approximately 10.3% on a fully diluted basis). The Common Shares sold under the terms of the offering had previously been held by the Kohlberg Funds in the form of Proportionate Voting Shares which were converted to Common Shares to facilitate the secondary offering on the basis of one Proportionate Voting Share for 1,000 Common Shares, consistent with the terms of the Company's Articles.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the Common Shares in any state, territory or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, territory or jurisdiction. The Common Shares have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or compliance with an applicable exemption from the registration requirements under U.S. securities laws.
ABOUT BAUER PERFORMANCE SPORTS LTD.
Bauer Performance Sports Ltd. (BAU.TO) is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball equipment as well as related apparel. The Company has the most recognized and strongest brand in the ice hockey equipment industry, and holds the top market share position in both ice and roller hockey. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA and COMBAT brand names and are distributed by sales representatives and independent distributors throughout the world. Bauer Performance Sports is focused on building its leadership position and growing market share in all product categories through continued innovation at every level. For more information, visit www.bauerperformancesports.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release about our current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward looking statements. The words "will", "expects", "plans", "intends", "estimates" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward looking statements. Forward looking statements are based on estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Many factors could cause our actual results, level of activity, performance, achievements, future events or developments to differ materially from those expressed or implied by the forward looking statements, including, without limitation, the following factors, which are discussed in greater detail in the "Risk Factors" section of the annual information form of the Company dated August 27, 2013: intense competition in the apparel and equipment industries, volatile market price for common shares, general economic and market conditions and current adverse economic conditions. These factors are not intended to represent a complete list of the factors that could affect us; however, these factors should be considered carefully. The purpose of forward looking statements is to provide the reader with a description of management's expectations and may not be appropriate for other purposes; readers should not place undue reliance on forward looking statements made herein. Furthermore, unless otherwise stated, the forward looking statements contained in this press release are made as of the date hereof, and we have no intention and undertake no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward looking statements contained in this press release are expressly qualified by this cautionary statement.