Capstone Partners Investment Banking Advisors

Recreational Products Coverage Report

Market Intelligence for Business Owners Q1 2013

MERGER & ACQUISITION ACTIVITY The recreational products industry lends itself to an active environment for mergers and acquisitions. Many of the industry’s product categories feature a few notable firms. At thesametime,middle‐market companies account for the bulk of industry revenues, and CAPSTONE PARTNERS LLC the industry is highly fragmented and competitive. Start‐ups are also fairly common, as 176 Federal Street demand for product innovations and appealing niche brands develops. 3rd Floor Boston, MA 02110 This dynamic creates a robust M&A environment, as large cap corporate buyers seek middle‐market targets to supplement top‐line growth, and start‐ups eventually grow into www.capstonellc.com mid‐sized companies. Private equity investors have traditionally shown a significant amount of interest in the sector, attracted to the fragmentation and the opportunity to capitalize on the growth of “hot” products and brands. In addition, the industry has become increasingly global in terms of both sourcing and sales, and the U.S. has emerged as the worldwide market leader. As a result, acquisitions commonly cross geographic John Ferrara borders and U.S. targets are in high‐demand. Founder, President (617) 619‐3325 M&A activity in the industry enjoyed a solid year in 2012 with 39 completed transactions [email protected] recorded. This represents a 26% increase over the industry’s 2011 transaction count and provides further evidence of the sector’s continued improvement coming off of the recent recession. Jacob Voorhees Director, Principal (617) 619‐3323 [email protected] Recreational Products M&A Transactions

60 Sophea Chau 54 Vice President 47 (617) 619‐3307 50 43 [email protected] 41 39 40 31 Dan Schultz 29 30 Vice President 24 (617) 619‐3368 [email protected] 20

0 2005 2006 2007 2008 2009 2010 2011 2012 Source: Capital IQ Includes M&A transactions in the U.S. and Canada

The outlook for the recreational products industry calls for continued gradual improvement in sales and profits. As a result, Capstone expects to see an increase in M&A activity among recreational product companies in 2013.

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NOTABLE TRANSACTIONS

Most acquisitions of M&A transactions in the recreational products industry result in companies acquiring new products and brands, penetrating new geographic markets and expanding the middle‐market companies sales and distribution channel. Most acquisitions of middle‐market companies involve strategic buyers, involve strategic buyers, including diversified companies that are looking to establish including diversified or expand their holdings in the recreational space. In some cases the transactions companies that are reflect forward‐ or backward‐integration strategies, with buyers interested in looking to establish or controlling the sales channel, including the acquisition of e‐commerce sites as expand their holdings in recreational products gain traction in online sales. We also note a strong “specialty” the recreational theme in the industry, due to increased technicality and more sophisticated buyers of recreational products. Private equity groups have also been very active, as have space…Private equity international buyers. groups have also been very active, as have All segments of the industry are represented in recent transactions – manufacturers, international buyers. distributors, wholesalers and retailers. Notable transactions are outlined on the following pages, followed by a more inclusive summary of 2012 deals on page 6.

Northern Tool + Equipment acquires Sportsman's Guide and The Golf Warehouse (December 2012) – Northern Tool acquired both The Sportsman's Guide, a retailer of outdoor gear sold primarily online, and The Golf Warehouse, a web‐only retailer of golf equipment and apparel, for $215 million. The acquisition is notable in that it represents the interest of unrelated businesses in the recreational sector. Northern Tool sells tools online and through its network of 80 stores. It is diversifying into sporting goods because “the market shares the same male audience.”

Johnson Outdoors acquires Jetboil (November 2012) – In an example of a large recreational products company acquiring a much smaller firm, Johnson Outdoors, a public company with sales exceeding $400 million, acquired Jetboil, a company expected to reach $10 million in sales in fiscal 2013. Jetboil is a top brand of outdoor cooking systems and a good fit with Johnson Outdoors, known for pioneering innovation and excellence in camping and hiking products. While the companies share consumers and retail customers, they also have unique channel and geographic strengths, as well as product expertise, that can be leveraged across the combined portfolio to expand distribution and fuel growth. In particular, Jetboil is well‐known in the specialty retail channel, the preferred channel for outdoor enthusiasts. Johnson Outdoor paid $16 million for Jetboil, or roughly 11 times the $1.5 million in operating profits it expects the company to earn in fiscal 2013.

Iconix Brand Group, Inc. acquires the Umbro brand from Nike (November 2012) – Iconix acquired the Umbro soccer brand and related intellectual property assets from Nike for $225 million in cash. Iconix Brand Group owns a diversified portfolio of fashion and home brands consisting of 29 consumer brands in the fashion, athletic, electronic, home and entertainment industries. With this acquisition, the company's brands will generate approximately $13 billion in retail sales globally, with over $2.5 billion attributable to its portfolio of athletic brands.

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NOTABLE ACQUISITIONS (continued) Authentic Brands acquires the Prince brand name (August2012) – Authentic Brands Group (ABG) acquired the Prince name, adding another strong brand to its growing family of properties. ABG said its objective is to maintain Prince Sports' historical reign in the tennis world while expanding into new categories. Prince Sports was sold to ABG during bankruptcy proceedings in a restructuring that relieved the company of a debt burden in excess of $60 million of secured indebtedness.

Samsonite buys High Sierra Sport Company (July 2012) – Samsonite International S.A., the world's largest luggage maker, acquired High Sierra for $110 million cash. Samsonite said the acquisition would enlarge its foothold in the $4 billion North American outdoor and casual bag market, and it will use its global distribution network to expand High Sierra's brand in Asia, Europe and Latin America.

Authentic Brands acquires Sportcraft Ltd. Intellectual Property (June 2012) – Authentic Brands Group also acquired the intellectual property of Sportcraft Ltd. ABG‐Sportcraft now holds ownership of all trademarks, copyrights and patents of the Sportcraft and Classic Sport brands, both leading brands in recreational sports. Sportcraft's product offerings include billiards, darts, foosball, table tennis, air hockey, badminton, ladderball and more. ABG is a brand development and licensing company backed by the private equity firm Leonard Green & Partners. Its mandate is to acquire, manage and build long‐term value in prominent consumer brands and to further enhance brand equity through partnering with best‐in‐class brand licensees.

TaylorMade‐adidas Golf acquires Adams Golf (June 2012) – The TaylorMade‐adidas Golf business segment acquired Adams Golf for approximately $88.7 million. In 2011, Adams Golf’s sales were approximately $97 million. The acquisition added a strong golf brand to an already powerful portfolio that includes TaylorMade, adidas Golf and Ashworth. The majority of Adams Golf's sales have been generated in the United States. TaylorMade‐adidas Golf plans to use its worldwide distribution channels to develop Adams Golf into a global brand. The acquisition brings together two highly complementary sets of brands, combining Adams' focus on game‐ improvement, senior and women golfers with TaylorMade‐adidas Golf’s focus on younger and low‐to‐midhandicapgolfers.

Tackle box maker Plano Molding acquires Frabill Fishing Gear Brand (June 2012) – The deal unites two iconic and complimentary Midwest fishing tackle brands that have been serving anglers and outdoor enthusiasts for more than 70 years and whose products already sell side‐by‐side in many stores. The transaction brings together the worldwide leader in fishing tackle storage systems and the North American leader in live bait storage, landing nets and portable ice fishing shelters and related accessories.

Riddell acquires Gunther's Athletic Service (January 2012) – In another example of a large sporting goods company buying a smaller, niche business, Riddell acquired Gunther's Athletic Service, a West Coast helmet and protective reconditioning company with about 65 employees. Gunther’s facility will remain in operation and its previous owners retained key sales and management roles in the company.

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NOTABLE PRIVATE EQUITY TRANSACTIONS Private equity groups are actively seeking acquisitions in the recreational products industry, as exemplified in the following transactions.

Billabong to be purchased by Sycamore Partners (Pending), a private equity firm specializing in buyouts of small to middle market companies in the consumer, retail and fashion sectors. Billabong’s U.S. business President, Paul Naudé, and Sycamore Partners made an offer of $548 million for the company, following cancelled offers from two other U.S. private equity groups, Bain Capital and TPG Capital. Billabong is Australia’s largest surf‐wear company.

Blackstone Investment Group acquires Haiku (November 2012), amakerof women's bags and accessories sold in REI and many other outdoor retailers. Blackstone also owns Mountainsmith and manufactures private label products for several outdoor retailers and brands. Haiku will remain independent while gaining financial and operational efficiencies that will allow “more time for product development, innovation acceleration and creating consumer demand.”

Brentwood Associates sold Filson Holdings, Inc. to Dallas, Texas‐based private equity fund Bedrock Manufacturing Co. (June 2012), after spending seven years and millions of dollar transforming the Seattle maker of upscale hunting and fishing apparel into a national brand. This acquisition featured private equity groups on both sides of the transaction.

Fleet Feet, Inc.’s management team and Investors Management Corporation acquired Fleet Feet (May 2012), the nation’s leading franchisor of running specialty stores. Fleet Feet will operate independently, and its management team will continue to run all aspects of the business. IMC will support the management team both financially and professionally to aggressively build the brand. In addition to the IMC investment, the Fleet Feet Inc. management team invested substantially in the new company.

Gart Capital Partners acquires running retailers (March 2012), beginning with a $10 million investment in Finish Line's Running Specialty Group (RSG) with the goal of creating the nation's single largest operator in the specialty running business, a market estimated at $1 billion. Gart/RSG then acquired Dallas‐based Run On! (October 2012) for its expertise in critical aspects of the business, such as community engagement, training programs, grassroots marketing and operational best practices, which RSG intends to leverage across the entire chain.

Outlast Technologies was acquired by Golden Equity Investments (April 2012), of Golden, CO. Outlast Technologies is a manufacturer of temperature‐regulating technologies used in outdoor apparel and footwear, with technology originally developed for NASA that allows heat to be absorbed, stored and released.

Affliction Holdings LLC has been recapitalized by an investor group (February 2012), led by New Evolution Ventures, LLC and Bob Meers, previously the CEO of Reebok and Lululemon Athletica. Affliction Holdings’ clothing targets extreme sports enthusiasts (including skate boarding, snowboarding and surfing).

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NOTABLE CROSS‐BORDER TRANSACTIONS Offering access to the largest recreational products market in the world, as well as some of the industry’s best products and brands, North American acquisition targets are very attractive in the space. A sampling of recent cross‐border transactions involving North American targets follows.

Bauer acquires Cascade Helmets (June 2012) – Canadian Ice‐hockey and lacrosse equipment maker Bauer Performance Sports Ltd. acquired Cascade Helmets Holdings, a privately held U.S. maker of lacrosse helmets, for $82 million. This deal also gave Bauer, the world's largest manufacturer of hockey gear, control of Cascade's recently established hockey helmet business. The acquisition increases Bauer’s presence in North America's fastest‐growing team sport (lacrosse), and allows Bauer to expand its product offering in its core hockey business. Bauer plans to use Cascade's head‐protection technologies to improve player safety through product‐development and awareness initiatives. The company plans to expand its manufacturing capabilities for lacrosse and hockey helmets by also producing Bauer‐ branded hockey helmets at Cascade's existing facility in Liverpool, New York.

Accell Group N.V. acquires Raleigh Cycle Ltd. (May 2012) – The acquisition, valued at more than $100 million, is a transformative deal that increased the Dutch company’s sales by nearly a third and its bicycle sales by 90%, while giving it a significant presence in the North American market. Although Raleigh is based in the UK, it was backed by U.S. private equity group Perseus Capital and two of its business units, Raleigh US and Raleigh Canada, focus on North America. The company has about 430 employees and annual revenue of $265 million. This deal followed Accell’s acquisition of Currie Technologies (December 2011), a pioneer in electric bike sales in the United States. The California company employs 40 people and has annual sales of about $20 million. Accell said the deal would enable it to take advantage of the expected growth of the U.S. e‐bike market, and to use some of Currie’s patents for its development in other markets. For Currie, the transaction provides access to Accell’s advanced technology and supply chain, financial stability and their significant experience in establishing e‐bikes in other markets. Currie represented the second acquisition in the U.S. by Accell Group, which also owns Seattle Bike Supply (SBS).

2XU acquires USA distributor Sports Multiplied (March 2012) – 2XU, the Melbourne‐based performance apparel brand, acquired its U.S.‐based distributor, Sports Multiplied LLC in a move to invest directly in the U.S. and to better control its sales in the world’s leading recreational market.

Pryde Group acquires Imagine Surf (January 2012) – Pryde Group, owner of the NeilPryde, JP Australia and Cabrinha action water brands, acquired Imagine Surf, a majorplayerinthestand‐up paddle (SUP) industry. Pryde was attracted to the well‐ established Imagine brand with a strong presence in North America. The acquisition will allow Imagine Surf to focus on what the brand does best: designing great boards for this new and expanding market, with manufacturing and sales handled by the Pryde Group divisions in each territory worldwide.

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SELECTED RECREATIONAL PRODUCTS M&A TRANSACTIONS

Enterprise EV / LTM Value Date Target Acquiror Target Business Description(mm) Revenue EBITDA

Dec‐12 Ski Supreme Boats Fineline Industries, Inc. Manufactures water ski boats. ‐‐‐

Northern Tool + Equipment Offers sports gear and clothing products through catalogs and Dec‐12 The Sportman’s Guide, Inc. $215.0 ‐ ‐ Company, Inc. websites. Gerbing's Heated Manufactures and delivers heated clothing and accessories for Nov‐12 Prospect Brands, LLC ‐‐‐ Clothing, Inc. customers in the motorcycle market. Johnson Outdoors Inc. Nov‐12 Jetboil, Inc. Provides personal and group cooking systems. $16.0 1.6x 11.0x (NasdaqGM:JOUT) Kamagon Fitness, LLC, Nov‐12 Ball, Bounce, and Sport Inc. Rights to manufacture and market exercise balls worldwide. ‐‐‐ Distribution Rights Eastern Mountain Versa Capital Nov‐12 Operates retail stores in the United States. ‐‐‐ Sports, Inc. Management, Inc. Distributes boots for skiing, hiking, climbing, outdoor and travel Sep‐12 Garmont USA, Inc. SCOTT USA, Inc. ‐‐‐ applications for men and women. Johnson Health Tech Co., Jul‐12 Magnum Fitness Systems Designs and manufactures fitness equipment. ‐‐‐ Ltd. (TSEC:1736) Samsonite International S.A. Manufactures recreational and sports bags, and adventure Jul‐12 High Sierra Sport Company $110.0 1.7x ‐ (SEHK:1910) luggage. Lincolnshire Manufactures and markets golf club components and tubing Jul‐12 True Temper Sports Inc. ‐‐‐ Management, Inc. products for professional tours throughout the world. Cascade Helmets Bauer Performance Manufactures helmets and eyewear products for use in lacrosse Jun‐12 $81.9 3.7x 14.3x Holdings, Inc. Sports Ltd. (TSX:BAU) and field hockey markets in North America. Manufactures and distributes outdoor apparel, footwear and Jun‐12 C.C. Filson Company, Inc. Bedrock Manufacturing Co. ‐‐‐ accessories. Manufactures fishing bait storage, landing nets and ice fishing Jun‐12 Frabill Fishing Gear Plano Molding ‐‐‐ shelters. Taylor Made Golf Designs, assembles, markets and distributes golf clubs for various Jun‐12 Adams Golf Inc. $88.7 0.7x 9.6x Company, Inc. skill levels primarily in the United States and internationally. Manufactures and supplies equipment for enthusiasts to use in May‐12 S4Gear Field Logic, Inc. ‐‐‐ hunting, observation and outdoor sporting applications. Gildan Activewear Inc. Manufactures activewear for men, women and children in the May‐12 Anvil Holdings Inc. $88.0 0.4x 5.2x (TSX:GIL) United States. Produces eyewear, goggles and accessories for the surf, snow, May‐12 Dragon Alliance LLC Marchon Eyewear, Inc. ‐‐‐ skate and motocross markets worldwide. Manufactures temperature‐regulating technologies used in Apr‐12 Outlast Technologies Golden Equity Investments ‐‐‐ outdoor apparel and footwear. Bushnell Performance Apr‐12 Primos, Inc. Manufactures and sells hunting products. ‐‐‐ Optics Fitness Quest Inc., Ball, Bounce, and Apr‐12 Comprises worldwide distribution rights of BOSU training balls. ‐‐‐ BOSU Products Sport Inc. McKenzie Sports Levine Leichtman Mar‐12 Offers a wide variety of taxidermy supplies. ‐‐‐ Products, Inc. Capital Partners Online retail of women's performance athletic clothing for Jan‐12 Deezfit, LLC Activewear Brands LLC ‐‐‐ aerobics, dance, spinning, yoga, pilates, running and walking.

Jan‐12 Imagine Surf Pryde Group Manufactures stand‐up paddle (SUP) boards. ‐‐‐

Manufactures and markets sports accessories, specializing in Jan‐12 Power Balance, LLC Hanyang LLC $11.7 0.2x ‐ silicon wristbands.

Mean 1.4x 10.0x Median 1.2x 10.3x Harmonic Mean 0.6x 8.7x LTM = last twelve months; EV = enterprise value Sources: Capstone Research, Capital IQ, company public filings and press releases.

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PUBLIC COMPANY TRADING & OPERATING DATA

Price % 52 Wk Market Enterprise LTM 1‐Yr Rev EV / LTM Company 12/31/12 High Cap Value Revenue EBITDA Margin Growth Revenue EBITDA Amer Sports Corp. $14.83 95.3% $1,747.0 $2,458.1 $2,571.6 $176.0 6.8% 5.0% 1.0x 14.0x

Black Diamond, Inc. $8.20 77.1% $257.1 $285.2 $163.4 $13.5 8.2% 14.6% 1.7x NM

Brunswick Corporation $29.09 99.5% $2,604.3 $2,800.3 $3,715.1 $332.1 8.9% 0.7% 0.8x 8.4x

Callaway Golf Co. $6.50 89.2% $461.4 $512.1 $868.0 $0.8 0.1% (5.5)% 0.6x NM

Dorel Industries Inc. $36.07 92.8% $1,135.4 $1,471.6 $2,429.7 $179.8 7.4% 3.7% 0.6x 8.2x

Escalade Inc. $5.21 85.4% $69.9 $85.0 $143.5 $15.1 10.6% 11.4% 0.6x 5.6x

Johnson Outdoors Inc. $19.92 91.4% $197.1 $147.0 $412.3 $33.2 8.1% 1.2% 0.4x 4.4x

EV = enterprise value; LTM = last twelve months Mean 7.2% 4.5% 0.8x 8.1x $ in millions, except per share data Median 8.1% 3.7% 0.6x 8.2x NM = Not Meaningful Harmonic Mean 0.6% NA 0.6x 7.0x

Last Twelve Month Margin Performance

50.0% 43.8% 39.7% 39.9% 40.0% 35.6% 30.9% 30.0% 24.4% 23.2% 20.0% 10.6% 8.2% 8.9% 8.1% 10.0% 6.8% 7.4% 0.1% 0.0% Amer Sports Corp. Black Diamond, Brunswick Callaway Golf Co. Dorel Industries Escalade Inc. Johnson Outdoors Inc. Corporation Inc. Inc. Gross Margin % EBITDA Margin %

Last Twelve Month 1‐Year Revenue Growth

25.0%

20.0% 14.6% 15.0% 11.4% 10.0% 5.0% 5.0% 3.7% 0.7% 1.2% (5.5)% 0.0%

‐5.0% Amer Sports Corp. Black Diamond, Brunswick Callaway Golf Co. Dorel Industries Escalade Inc. Johnson Outdoors Inc. Corporation Inc. Inc.

Source: Capital IQ as of December 31, 2012

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CAPSTONE PARTNERS: RECREATIONAL PRODUCTS TRANSACTIONS

Capstone Partners won the 2012 middle‐market International Corporate/Strategic Acquisition of the Year award and was named as a finalist in two other categories, all for its work on the sale of BOB Trailers, Inc. to Britax Group Limited. Capstone advised BOB Trailers on its acquisition by Britax, a portfolio company of Nordic Capital Fund VII. The transaction marks the international unification of two of the top brands in the juvenile and recreational products category. BOB is widely considered America’s premier provider of innovative, design oriented high quality “sport utility” or jogging strollers. Headquartered in the UK with facilities in the UK, Germany, Australia and the U.S., Britax is the world’s premier has been acquired by brand for children car safety seats and strollers.

Capstone Partners has completed several other transactions in the Recreational Products industry. These transactions involved companies that manufacture and market a variety of products related to biking, a portfolio company of boating, off‐roading, hunting and camping. Capstone’s experience in the Recreational Products sector provides us with insight into the valuable attributes and valuation metrics of a target company, the active buyers in the industry and the nuances of transactions in this space.

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THE AMERICAN BICYCLE GROUP, LLC

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THE RECREATIONAL PRODUCTS TEAM

John Ferrara, Founder, President [email protected] • (617) 619‐3325 John Ferrara, the founder and principal shareholder of Capstone, serves as the firm's President and Managing Partner. Over his extensive career in investment banking, venture capital and management consulting, John has executed over 100 related engagements representing in excess of $6 billion in value. John was formerly a Regional Managing Partner with Andersen Corporate Finance, where he founded the Boston office and held various national and global leadership positions. He started his career in Lehman's Brothers' M&A group in New York, London and Riyadh, later becoming a founding member of Rodman & Renshaw's M&A practice in New York. He earned an MBA in Entrepreneurial Studies from The Anderson School at UCLA and the London School of Economics, during which time he founded and operated a corporate finance advisory boutique, JG Atlas Advisors, and its related investment arm, Atlantis Capital Partners. He holds dual BA degrees from Wesleyan University and is qualified as a General Securities Principal.

Jacob Voorhees, Director and Principal [email protected] • (617) 619‐3323 Jacob is a founding member of Capstone Partners and focuses on asset positioning, strategy articulation, due diligence and negotiations coordination. Formerly, Jacob was with Andersen Corporate Finance LLC, where he focused his efforts on the software and direct marketing industries. He started his career in New York City with Rabobank International, a multi‐ national Dutch investment bank headquartered in Utrecht, the Netherlands. While at Rabobank International, Jacob worked in the mergers and acquisitions group focusing on cross‐border transactions in the consumer products, food and beverage industries. Jacob holds dual BS degrees from Cornell University and is qualified as a General Securities Representative.

Sophea Chau, Vice President [email protected] • (617) 619‐3307 Sophea works closely with senior team members while executing a variety of corporate finance transactions. Prior to joining Capstone, Sophea was an analyst at FTN Midwest Securities, a full‐service investment banking firm based in Cleveland. While working in their New York office, she focused on M&A advisory for middle‐market companies in a variety of industries, including healthcare, pharmaceutical services and marketing & advertising. Her responsibilities included providing financial and valuation analysis, performing due diligence, and drafting all marketing materials related to a wide range of M&A transactions. Sophea holds a Bachelor of Arts in Economics from Columbia University.

Dan Schultz, Vice President [email protected] • (617) 619‐3368 Mr. Schultz oversees Capstone’s national business development and industry coverage activities, working closely with current and prospective clients of the firm on matters related to corporate sales, recapitalizations, mergers & acquisitions and growth financings. In his role, Dan is able to deliver specific market intelligence to clients regarding M&A, financing, strategic, industry and competitive trends. Prior to spearheading the firm’s business development and market initiatives, he was a Vice President in Capstone’s M&A group, managing numerous successful transactions across a variety of industries. Dan also gained hands‐on transaction experience as an investment banker at Headwaters MB. He started his career with Ernst & Young’s National Professional AABS practice in New York and later worked in Assurance and Advisory Business Services in the Denver office. Dan received a BE in Biomedical Engineering with a Business Minor from Vanderbilt University. He earned an MBA and a Master of Accountancy from the Daniels College of Business at the University of Denver.

9 ABOUT CAPSTONE PARTNERS

Capstone Partners LLC is a leading national investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. The firm provides merger & acquisition, private placement, corporate restructuring, valuation and financial advisory services. Capstone maintains various industry specialties including one in the Recreational Products sector. The firm also possesses merchant banking capabilities to actively co‐invest in transactions.

Additional information about Capstone Partners can be found at www.capstonellc.com.

LEADERSHIP TEAM

BOSTON CHICAGO PHILADELPHIA John Ferrara Ted Polk Eric Williams Founder, President Managing Director Managing Director (617) 619‐3325 (312) 674‐4531 (215) 854‐4065 [email protected] [email protected] [email protected]

LOS ANGELES SAN DIEGO Kevin Jolley David Bench David Michaels Managing Director Managing Director Managing Director (617) 619‐3330 (949) 460‐6431 (858) 926‐5950 [email protected] [email protected] [email protected]

Capstone Partners Investment Banking Advisors

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