After 47 years of independent ownership, Osprey, the Colorado-based technical pack specialist, will join the outdoor adventure segment of a major consumer goods development company.
In a $414 million acquisition, Helen of Troy (HoT) — the parent company of Hydro Flask and various household brands — will add Osprey Packs to its stable of outdoor brands. The transaction is scheduled to close at the end of 2021, pending regulatory approval.
Helen of Troy Acquires Osprey
Although most of its holdings reside in the housewares and beauty segments, HoT is slowly branching into the adventure lifestyle category. Hydro Flask had been the developer’s primary “outdoor” brand since its acquisition back in 2016. HoT brand OXO only recently scooted into the outdoor space with its adoption onto REI shelves this year.
With the addition of Osprey, HoT looks to expand its international footprint and edge the burgeoning outdoor market.
In HoT’s Nov. 29 press release, CEO Julien R. Mininberg was transparent about the board’s decision to acquire Osprey.
“Along with Hydro Flask, we can now serve and delight an even larger number of the passionate end users in the large and growing outdoor adventure category,” Mininberg noted.
“We believe Osprey and Hydro Flask make a compelling combination in the U.S. and provide further critical mass internationally with thousands of additional retail doors that can benefit both brands and consumers.”
Helen of Troy & the Osprey Legacy
Osprey Packs came about back in 1974 as a custom pack-builder for mountaineers and adventure junkies. Now, 47 years later, the technical backpack specialist is an international phenom and household name.
It’s unclear if HoT will continue Osprey’s sustainability practices. Mininberg praised the Colorado-based pack-maker’s “commitment to offer high-quality, low-impact products” and renewable energy initiatives. But he stopped short of affirming HoT’s continuation of those practices.
He did, however, indicate that Osprey’s dedication to green processes aligns with HoT’s “ever-growing ESG [environmental, social, and governance] ambitions.”
In the official joint press release, Osprey founder Mike Pfotenhauer said, “Today’s announcement is a natural next step as we look to build Osprey further. I know it will be in good hands with Helen of Troy, with its proven stewardship of outstanding brands and global scale.”
An investor overview of the Osprey Packs acquisition is available to the general public at investor.helenoftroy.com.