Investor Blackstone Hands Over Jack Wolfskin to a Group of Lenders

Private equity company Blackstone has reached an agreement to hand over Jack Wolfskin to senior debt holders in a debt for equity swap. The outdoor apparel brand found a solution in its financial restructuring process: “By reducing liabilities to its lenders, the company will obtain a debt cut of 255m euros, thereby reducing its liabilities from 365m euros to 110m euros, with maturity extended to 2022“.

Jack Wolfskin experiences tough competition in the outdoor sector.
Jack Wolfskin experiences tough competition in the outdoor sector.

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Jack Wolfskin is now owned by a consortium of investors and hedge funds. The largest new owners will be Bain Capital Credit, HIG / Bayside Capital and CQS, who collectively hold more than 50 percent in Jack Wolfskin. They will provide Jack Wolfskin with 25 million euros in the form of a super senior loan, strengthening the company's liquidity position.

CEO von Jack Wolfskin reacts

Melody Harris-Jensbach, CEO at Jack Wolfskin, said: "After strengthening our liquidity and significantly reducing our liabilities and interest expense, the financial restructuring of Jack Wolfskin has beensuccessfully completed. The company now has a sound basis and the necessary capital to further expand its business. Added to this is an encouraging trading scenario.“

CEO of Jack Wolfskin since 2014: Melody Harris-Jensbach.
CEO Jack Wolfskin since 2014: Melody Harris-Jensbach

New owner: “We are well positioned“

Gauthier Reymondier of Bain Capital Credit, commented on behalf of Jack Wolfskin’s main shareholders: "Jack Wolfskin is a very strong outdoor brand, number one in German-speaking countries and number three from the International Outdoor brands in China. We are committed to supporting Jack Wolfskin and now that the restructuring has been completed, we are well positioned to develop the company further in the coming years".

Jack Wolfskin’s new owners hold their equity interest through a Luxembourg holding company.

Video: Outdoor Sports Trends

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