“PIEPS reinforces our commitment to providing well-engineered products that are rooted in a superior level of personal protection and safety for outdoor athletes,” said Peter Metcalf, president and CEO of Black Diamond. “Along with their product quality and functionality, PIEPS’ intellectual property and electronic manufacturing capabilities support our growing portfolio of technology-centric products. We believe these factors make PIEPS an ideal acquisition for Black Diamond as we advance our position as one of the most respected and leading active outdoor equipment companies in the world.”
Founded in 2006, with roots dating back to 1972, PIEPS is widely recognized as an innovator and technology leader in alpine safety equipment. PIEPS offers a focused range of premium alpine performance products, including avalanche transceivers and probes, shovels, safety equipment, packs, and satellite-based devices for messaging, route tracking, and navigation.
Under the terms of the definitive agreement, Black Diamond acquired PIEPS for €8.0 million or approximately $10.3 million in cash and assumed approximately €2.1 million or $2.7 million in debt. Black Diamond has committed up to an additional estimated €2.3 million or approximately $3.0 million of contingent purchase price upon PIEPS’ achievement of certain sales targets between April 1, 2012 and March 31, 2015, which may be paid at Black Diamond’s discretion in cash, shares of Black Diamond common stock, or a combination of cash and such shares.
PIEPS’ CEO Michael Schober commented: “We believe Black Diamond provides PIEPS the important resources to expand our market and technology leadership position in avalanche transceivers. This includes their operational infrastructure tailored to highly engineered products and global distribution platform. We also expect our technical experience developing and manufacturing electronic devices to present unique synergies to Black Diamond’s existing and planned electronic products. We believe Black Diamond allows us to better serve the market with premium alpine performance products and we are enthusiastic to join forces as one company.
About PIEPS GmbH
PIEPS GmbH (“PIEPS”) is the founder of avalanche transceiver technology, and a market and technology leader with more than 40 years of experience in alpine safety products. PIEPS offers the full range of premium alpine performance products, including avalanche transceivers, avalanche probes, shovels, safety equipment, backpacks and bags, as well as functional sportswear. Headquartered in Lebring, Steiermark, Austria, all PIEPS products are developed and designed internally with state-of-the-art technology and the highest demands on practical functionality. For additional information, please visit www.pieps.com.
About Black Diamond, Inc.Black Diamond, Inc. is a global leader in the design, manufacturing and marketing of innovative active outdoor performance products for climbing, mountaineering, backpacking, skiing, cycling and other outdoor recreation activities for a wide range of year-round use. The Company's principal brands, Black Diamond®, Gregory™ and POC™, are iconic in the active outdoor industry and linked intrinsically with the modern history of these sports. Black Diamond is synonymous with performance, innovation, durability and safety that the outdoor and action sport communities rely on and embrace in their active lifestyle. Headquartered in Salt Lake City at the base of the Wasatch Mountains, the Company's products are created and tested on some of the best alpine peaks, slopes, crags, roads and trails in the world. These close connections to the Black Diamond lifestyle enhance the authenticity of the Company's brands, inspire product innovation and strengthen customer loyalty. The Company's products are sold by leading specialty retailers in the U.S. and 50 countries around the world. For additional information, please visit the Company's websites at www.blackdiamond-inc.com, www.blackdiamondequipment.com, www.gregorypacks.com, or www.pocsports.com.
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