Fenway Acquires Bell For $240 Million, Merges It With Riddell

NEW YORK, NY (BRAIN)--The private equity company Fenway Partners has agreed to buy Bell Sports from an investor group that includes GarMark Partners, Wachovia Investors and Chartwell Investors for approximately $240 million. Bell's investor owners announced in April that they intended to sell the company. Bell Sports includes the Bell and Giro helmet brand names.

Fenway plans to merge Bell and Riddell, which Fenway bought in June last year. Riddell supplies football helmets, branded sporting goods and sports collectibles and offers equipment-reconditioning services. More than 85 percent of NFL football players use Riddell helmets. The also company supplies more than 60 percent of the overall football helmet market.

Bill Fry, Bell's president and chief executive officer, will lead the combined company's management team. Fry joined Bell in 2001 and has subsequently led a reinvigoration of sales and product development while streamlining operations.

"Bringing together these three unsurpassed authentic brands that cater to serious athletes and recreational enthusiasts creates a powerful new business. Each brand will remain committed to innovation and leadership in its respected categories, while we pursue new growth opportunities," Fry said in a press release. "Bell will be able to bring to this combination its great brands, strong customer relationships, industry-leading product development and brand-building marketing expertise to create a truly global leader in head protection."

Tim Brashear, Bell's chief executive officer will hold the same position in the combined company. Bill Sherman remains Riddell's president and chief executive officer of will serve on the combined company's board.

A Fenway press release said the combined company will produce more than 8 million helmets annually and will have projected 2004 revenues of more than $300 million and a strong capital structure.

"Together, Bell and Riddell will have the world's largest research and development effort focused on head protection. The combination provides both companies with access to all major distribution channels and a global sourcing network to expand the breadth of products offered by each, which will accelerate the execution of their current business strategies," the press release read.

Fenway describes itself as a company "dedicated to building long-term value through direct investment in leading middle-market companies. Fenway invests in companies with strong market positions and significant opportunities for growth. The firm provides management and strategic guidance to improve the operating and financial performance of its portfolio companies."

The private equity investment firm has offices in New York and Los Angeles, California, and manages more than $1.4 billion worth of funds. Its portfolio also includes jeweler Harry Winston, class ring and yearbook producer American Achievement Corporation, bedding company Simmons and transportation services company Transport Industries.