Vashon, WA, August 6--K2 Inc. has purchased snowboard specialists, Ride Inc. The boards of directors of both companies finalized an agreement in late July. K2's purchase of one of the industry's leading snowboard manufacturers will give them a strategic position in the snowsports market.
"This acquisition will enable us to create one of the strongest snowboard organizations in the world," said Richard M. Rodstein, K2 president and chief executive officer. "The acquisition creates an opportunity to benefit from a synergistic combination and to leverage each company's strengths in different markets to grow our global presence."
Ride officials also share an optimistic view toward the merger, as expressed by Robert Marcovitch, president and chief executive officer of Ride Inc. "The strong market position of Ride and its family of brands combined with K2's reputation for innovation and financial strength will help solidify the combined company's position in the growing snowboard category."
The all-stock merger values Ride Inc. at approximately $14.3 million. Final closure should occur by early November after Ride's shareholders give approval, and the usual requirements, terms, and conditions are met.