New Wave Group AB Acquires Paris Glove of Canada
New Wave Group AB, a Swedish company focusing on promotional products, sports accessories and home furnishings, announced that it is acquiring all shares of Paris Glove of Canada Inc. for $16.3 million. Paris Glove will be joining several other promotional products companies under the New Wave Group umbrella, including Cutter & Buck, Kosta Boda, Orrefors and Sagaform.
"We view Paris Glove as a complement to our other apparel lines and global markets," said Torsten Jansson, managing director and CEO of New Wave Group. "The company provides an established base of entry to Canada's retail markets for other New Wave products with Paris Glove's established customer base."
Paris Glove has been entirely family-owned since its inception in 1945, when founders Felix and Lily Monk brought their glove knowledge from the old country to Canada. It is one of the oldest and most respected glove companies in North America and has earned an enviable reputation in the glove world as a premium brand synonymous with quality, style and performance. During 2010, Paris Glove reported sales of $27.7 million.
Auclair is the premium sport and outdoor division of Paris Glove. It is one of the few glove companies delivering products to all markets—sports, fashion, and industrial gloves for men and women, adults and children. The company also sells a line of men and women's scarves and headwear, and distributes a limited selection of other products to its customer base on behalf of other brands. The Paris Glove companies are: Laurentide, Gloves International Inc., The Paris fashion division, and Auclair Sports division.
New Wave Group's business is divided into three parts: corporate promo, sports and leisure, and gifts and home furnishings. The corporate promo division is the largest for the company, with a focus on promotional apparel, workwear and business gifts.