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SUBSEQUENT EVENT
12 Months Ended
Feb. 29, 2016
Subsequent Event.  
Subsequent Event

NOTE 21 – SUBSEQUENT EVENT

 

On March 18, 2016, the Company completed its acquisition of all membership units of Steel Technology, LLC, doing business as Hydro Flask. Hydro Flask is a leading designer, distributor and marketer of high performance insulated stainless steel food and beverage containers for active lifestyles. Hydro Flask adds a fast growing brand that has built equity among outdoor and active lifestyle enthusiasts with a product lineup, innovation pipeline and margin profile that complements, and will operate in, our Housewares segment. The acquisition extends the segment’s reach into the outdoor and athletic specialty, natural foods and e-commerce channels. The aggregate purchase price for the transaction was approximately $210 million in cash, subject to customary adjustments. The purchase price was funded from borrowings under our Credit Agreement. Hydro Flask calendar year 2015 revenue was approximately $54 million. Significant assets acquired include inventory, property and equipment, trademarks, customer lists, product technology, and goodwill.