BELL SPORTS CORP. ANNOUNCES ACQUISITION OF BLACKBURN DESIGNS, INC.
BELL SPORTS CORP. ANNOUNCES ACQUISITION OF BLACKBURN DESIGNS, INC. RANTOUL, Ill., Nov. 3 /PRNewswire/ -- Terry G. Lee, chief executive officer of Bell Sports Corp., announced today that the company has entered into a purchase agreement to acquire Blackburn Designs, Inc. of San Jose, Calif., for $6.3 million. Completion of the acquisition expected this month, subject to certain closing conditions. Blackburn designs and markets bicycle racks, packs, pumps, trainers, and other bicycle accessories. Blackburn reported sales for the year ended Dec. 31, 1991, of approximately $10.0 million. Bell Sports reported record sales of $64.5 million for the fiscal year ended June 27, 1992. Lee commented that Blackburn's bicycle accessory products are an excellent addition to the company's existing bicycle accessory line, and that Bell Sports is enthusiastic about Blackburn's reputation for quality and innovation and its strong brand name. He noted that the acquisition complements Bell's strategic focus in three ways: first, there are sales, marketing and operating synergies; second, the company can quickly build Blackburn's underdeveloped international business, particularly in Europe; and third, Blackburn's accessory products enable Bell Sports to expedite its accessory expansion plans. Jim Blackburn, founder and president for the last 18 years, will remain actively involved with the company. He commented, "By combining our companies, we can maximize Blackburn Design's growth and then focus even more resources in product design and innovation." Blackburn accessories will continue to be sold by its direct sales force to bicycle and sporting goods stores around the country. Its offices will remain in Campbell, Calif., located near San Jose. Bell Sports, headquartered in Rantoul, Ill., is the United States' leading manufacturer and marketer of bicycle helmets. The company also produces bicycle accessories and auto racing helmets, and in May opened a new manufacturing and distribution facility near St. Etienne, France, to capitalize on the expanding international bicycle helmet and accessories markets. The company's stock is traded over the NASDAQ National Market System under the symbol BSPT. -0- 11/3/92 /CONTACT: Howard Kosick chief financial officer of Bell Sports Corp., 217-893-9300/ (BSPT) CO: Bell Sports Corp.; Blackburn Designs, Inc. ST: Illinois, California IN: SU: TNM
PS-LR -- NY010 -- 1943 11/03/92 09:25 EST
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|Date:||Nov 3, 1992|
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