Benzinga | Jun 1, 2021 07:04AM EDT

Clarus To Acquire Rhino-Rack For $198M

Clarus Corporation (NASDAQ:CLAR) ("Clarus" and/or the "Company"), a global company focused on the outdoor and consumer enthusiast markets, today announced it has entered into a definitive agreement to acquire Australia-based Rhino-Rack Pty Ltd ("Rhino-Rack"), a leading manufacturer and distributor of highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, and accessories, for an aggregate purchase price of approximately $USD 198 million ($AUD 255 million). Rhino-Rack will continue to operate independently as a wholly-owned indirect subsidiary of Clarus and will constitute a third reporting segment associated with mobile solutions for outdoor adventure.

The purchase consideration is comprised of $USD 150 million ($AUD 194 million) cash and approximately 2.3 million shares of Clarus common stock calculated pursuant to the terms of the purchase agreement.