Columbia Sportswear to Acquire Yoga Brand PrAna for $190M
Columbia Sportswear, a maker of jackets and other outerwear, agreed to acquire PrAna Living LLC for $190 million, adding yoga and rock-climbing clothing that's designed to be environmentally sustainable. Columbia is buying the brand from Steelpoint Capital Partners and other investors in a cash transaction, according to a statement today. PrAna, founded in 1992, is expected to top $100 million in sales this year, with an operating margin in the low double-digits, Columbia said. The move will help Columbia lessen its reliance on winter clothes and target socially conscious, "free spirited" consumers, according to the statement.