![]() ![]() “This acquisition is the classic story of two companies better together,” said Troy CEO Julien R. Opportunity exists to co-locate Helen of Troy’s planned Southeast Asia office in Osprey’s Vietnam center. The purchase of Osprey adds a Vietnam design and operation center to Helen of Troy, and accelerates diversification of manufacturing sources. Osprey, Hydro Flask and OXO portfolios will benefit from cross-selling opportunities The merger expands Helen of Troy’s reach across durables and soft goods with best-in-class pack-making capabilities (packs, totes, lunch, camp). The total addressable market for technical packs, travel packs and daypacks is $12 billion, including $3 billion for technical/outdoor sports packs, $4 billion for travel packs and luggage and $5 billion for everyday packs. E-commerce sales account for 27% of sales. Its products are sold in more than 8,000 stores globally, which make up 73% of sales. Osprey has a strong global footprint, with 51% of its sales outside the U.S. Osprey’s senior leadership team will add about 150 years of outdoor industry expertise to Helen of Troy. 1 in the everyday backpack segment, and No. Osprey’s popularity enhances and diversifies Helen of Troy’s outdoor portfolio. – Osprey net sales for 2021 are expected to be $155 million to $160 million. Key points from the investor overview include: Osprey Packs will be added to Troy’s major brands, which include Hydro Flask, OXO, Braun, Honeywell, Pur, Vicks, Revlon, Hot Tools Professional, Bed Head, Sure, Pert and Drybar. ![]() Transaction highlights for the purchase of Osprey Packs by Helen of Troy reveal a merger intent on increasing product growth for both companies, including internationally. Investor overview reveals details of merger “To their credit, they did not waver on their interest,” Pfotenhauer said. Helen of Troy expressed interest in the company a few years ago, then COVID-19 hit, shutting down Vietnam factories, supply chains and retail stores worldwide. “Pack design continues to evolve, and now involves 3D printing, thermal forming and advanced welding techniques,” he said. ![]() The design team is known for pushing the envelope and coming up with innovative designs, Pfotenhauer said. Osprey specializes in technical adventure packs that can stand up to the rigors of backcountry travel. His motivation has been designing durable packs that fit people well and transfer the load to the body efficiently and comfortably. In those early days, I did not have an inkling it would become this successful.” “But over time you learn and improve, and it became my life ambition. “The first ones were pretty awful,” he said, laughing. Nearly 50 years ago, he learned to sew from his mother and a former girlfriend, and started making packs. “I’ve thoroughly enjoyed the venture from beginning to end, I love designing packs, and the company has grown steadily,” he said. In an interview with The Journal, Pfotenhauer reflected on the business and its sale. Mike Pfotenhauer, Marilyn Jones and one unknown person at the Dolores factory circa 1990. Osprey Packs CEO Layne Rigney will continue to lead the company, according to a Helen of Troy news release. He and his wife, Diane Wren, along with a group of investors, own the company.Ĭurrent offices will remain in place, company officials said, including the Cortez headquarters a distribution center in Odgen, Utah a European market office in Poole, United Kingdom and the offices and manufacturing operations in Ho Chi Minh City, Vietnam. The manufacturing company was founded in 1974 by Pfotenhauer, who is the lead designer. Osprey Packs has developed a worldwide market for its product line, which includes high-end backpacks and daypacks for hiking, mountaineering, skiing, climbing, biking, trail running, adventure travel, commuting and school. “They are 10 times bigger than us, they invest in their employees like we do, and will help Osprey grow.” ![]() “They are taking care to learn all about us, and believe we are the specialists and need to learn from us,” said Osprey Packs founder and lead designer Mike Pfotenhauer. Osprey announced Monday it has agreed to sell its business to Helen of Troy for $414 million in cash. Osprey Packs headquarters will remain in Cortez, and no major changes in operations are expected under new ownership by Helen of Troy, a publicly traded consumer products company, according to company officials. No major changes planned at company headquarters ![]()
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