Bear Stearns Merchant Banking Announces Acquisition of CamelBak Products
December 2, 2003
Bear Stearns Merchant Banking announced today that it has acquired CamelBak Products, Inc., the world leader in the design, manufacture, and marketing of a broad line of portable hands-free hydration system backpacks. First introduced in 1989, CamelBak’s products have experienced rapid consumer acceptance across a number of markets resulting in CamelBak becoming one of the fastest growing companies in the markets for recreational, government/military and industrial consumer branded products.
Commenting on the transaction, Rick Perkal, a senior managing director in Bear Stearns Merchant Banking, said, “Our acquisition of CamelBak, in partnership with its excellent management team, provides us the opportunity to support a company that defines the portable hydration category.” Bo Arlander, also a senior managing director in Bear Stearns Merchant Banking, added, “We are excited to be associated with a company that enjoys such outstanding growth prospects in both new and existing markets and we look forward to working with management towards CamelBak’s continued success.”
Glenn Gross, President and CEO of CamelBak, commented, “The partnership between Bear Stearns Merchant Banking and CamelBak signifies a transition into an exciting new era for our company. The guidance and financial support that Bear offers will benefit everyone associated with our company – our employees, our retailers and our end customers. We couldn’t be more pleased.”
CamelBak’s proprietary technology and broad line of market-leading products enable consumers to remain better hydrated while on the move than they could with conventional water bottles and canteens. Recreational users include cyclists, hikers, skiers, runners, snowboarders, and hunters. The Government/Military market covers a broad spectrum of government services including domestic and international militaries, plus a variety of other federal, state and local agencies including the FBI, SWAT, Border Patrol and the Department of Homeland Security. The industrial segment, CamelBak’s newest market, includes hydration products for use by individuals in the workplace with practical applications for construction workers, wildland firefighters, meter readers and airline employees, among others.