Ben Hilles has bought sports equipment maker Hermans for $5.5 billion, bringing the sports gear maker’s value to $50 million.
The purchase is subject to regulatory approval and is expected to close in the fourth quarter of 2019, Hermans said.
The move comes after Ben Hillers management team announced that the company had secured a $2.9 billion financing from the Australian government to finance the acquisition.
The company has been a pioneer in the sporting equipment market, developing innovative products and a global portfolio of sports-specific products.
Its sports gear portfolio includes the Hermans Bionic, the Herms Sports Helmet, the Ben Hillens Sports Paddle and the Ben Hills Sporty Shoes.
It is also known for its signature sports accessories, including its Hermans Sportman Pro sports bra, Herms Sportman Professional and Hermans Sports Swimwear.