NEW YORK (AP) - Columbia Sportswear says it will pay $190 million to buy prAna Living, a maker of yoga and climbing apparel.
NEW YORK (AP) — Columbia Sportswear says it will pay $190 million to buy prAna Living, a maker of yoga and climbing apparel.
The Portland, Ore., company says prAna's annual sales should surpass $100 million in 2014. Columbia Sportswear's brands include Mountain Hardware, Sorel, Montrail, and its namesake line, and the company says it wants to reduce its dependence on cold-weather products.
Steelpoint Capital Partners is the primary owner of prAna Living, which is based in Carlsbad, Calif.
Columbia Sportswear expects the purchase to close in the second quarter.
Columbia Sportswear Co. also reported its first-quarter results Tuesday, saying its net income more than doubled to $22.3 million, or 63 cents per share. Revenue rose 22 percent to $424.1 million.