(By Balaseshan) Johnson Outdoors Inc. (NASDAQ: JOUT), a maker of branded seasonal, outdoor recreation products, said it has closed on the acquisition of a leader in outdoor cooking systems, Jetboil Inc.
The acquisition is expected to be accretive to earnings in the first fiscal year of ownership. Details of the transaction will be included in Johnson Outdoors' fiscal 2013 first quarter filings.
"While we share many of the same consumers and customers, both Johnson Outdoors and Jetboil have unique channel and geographic strength and expertise to further expand distribution and fuel growth in all brands -- Eureka!, Silva and Jetboil," said Helen Johnson-Leipold, Chairman and Chief Executive Officer, Johnson Outdoors.
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Jetboil will become part of the company's Outdoor Gear business unit, which makes and markets the iconic Eureka! and Silva brands, and continue to operate from its facility in Manchester, New Hampshire.
Jetboil co-founder and CEO, Perry Dowst, will transition to the role of Senior Advisor, supporting strategic R&D and new products.
Jetboil, founded by cousins and co-inventors Perry Dowst and Dwight Aspinwall, emerged on the camping scene in 2004 with the launch of the award-winning Personal Cooking System (PCS) powered by proprietary FluxRing technology.
The PCS ultra-efficient, lightweight design integrated a one liter pot, wind protected burner and heat exchanger into a single, push-button start unit that cut fuel use and cooking times in half compared to other canister stoves.
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Since then, Jetboil has broadened its technology and product offering to become the category leader in outdoor cooking systems and redefine consumer expectations for convenience, safety and ease-of-use.
JOUT is trading down 0.56% at $21.20 on Wednesday. The stock has been trading between $13.68 and $21.80 for the past 52 weeks.