RTTNews | Jun 1, 2021 07:27AM EDT

07:27 Tuesday, June 1, 2021 (RTTNews.com) - Clarus Corp. (CLAR) announced a definitive agreement to acquire Australia-based Rhino-Rack Pty Ltd. for an aggregate purchase price of approximately $198 million or A$255 million. The purchase price comprised of $150 million cash and approximately 2.3 million shares of Clarus common stock.

Headquartered in Sydney, Australia and founded in 1992 by Richard Cropley, Rhino-Rack is a manufacturer and distributor of highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, and accessories.

Richard Cropley is anticipated to be a top five shareholder of Clarus following the completion of the transaction.

Clarus expects this acquisition to be immediately accretive following closing, which is expected to occur in July 2021.

Following the acquisition, Rhino-Rack will continue to operate independently as Clarus' wholly-owned indirect subsidiary and will constitute a third reporting segment associated with mobile solutions for outdoor adventure.

For the trailing twelve-month period ended March 31, 2021, Rhino-Rack generated approximately $90 million in net sales and $16.7 million of Adjusted EBITDA. About 80% of Rhino-Rack's sales came from Australia and New Zealand, and 20% from North America.

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