NEW YORK, Jan. 23, 2017 /PRNewswire/ -- Powerbilt Holdings, LLC, a joint venture between Hilco Streambank and CEO of One Step Up Apparel - Harry Adjmi, announced today that it has completed the acquisition of the PowerBilt golf and sporting goods product portfolio from Hillerich & Bradsby Co. ("H&B") in a private sale.
PowerBilt is a 100-year-old brand with a history of accomplishment in both the PGA Tour and majors. PowerBilt equipment is available in major golf markets around the world, including North America, South America, Europe, Japan and Australia. The PowerBilt brand of products has been owned and operated by Hillerich & Bradsby which has manufactured and marketed a complete line of performance golf equipment and accessories for men, women and children at affordable prices.
Powerbilt Holdings plans to honor the brand's history and legacy as a performance golf equipment company through the expansion of its core golf equipment lines into several other related categories, including apparel. Gabe Fried, CEO of Hilco Streambank said, "We are excited about the strength and historical equity of this brand and are already developing plans for expansion."
The PowerBilt brand of products has been an integral part the golf equipment category for over a century building a strong following among both golf professionals and everyday golfers from around the world. Fried added "We're confident that we can leverage the brand's rich history of delivering the high quality products as we build on the existing legacy. Golf enthusiasts can expect to see the iconic orange Powerbilt golf bag on the professional greens again very soon."
John Hillerich, CEO of Hillerich & Bradsby said, "We are proud to have owned and marketed this iconic brand for over 100 years and to have provided golfers at all levels of the sport with superior quality products at affordable prices. We are certain that Hilco Streambank and their JV partners will build upon this rich history and expand the brand with our current licensees and future best in class partnerships."
Mr. Fried indicated that as partners, Hilco Streambank and One Step Up Apparel plan to reinvigorate the iconic label and build on its current global presence, adding new revenue streams through strategic initiatives including brand licensing deals, new products and designs, expanded distribution and increased brand marketing.
For information on specific licensing opportunities, interested parties should contact Jack Hazan or Gabe Fried at 212-610-5663.
About Hilco Streambank: Hilco Streambank, a division of Hilco Global, is a market leading advisory firm specializing in intellectual property disposition and valuation representing brands across various industries. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), a worldwide financial services company and a leader in helping companies maximize the value of their assets.
About Hillerich & Bradsby: Hillerich & Bradsby Co. is a sporting goods manufacturer and operator of the Louisville Slugger Museum & Factory. The company also produces Bionic Gloves. H & B has manufactured Louisville Slugger® wood bats, the Official Bat of Major League Baseball®, since 1884. H&B has owned the Louisville Slugger brand from its inception in 1884 to 2015 when it was acquired by Wilson Sporting Goods. H&B now serves as Wilson's manufacturing partner for wood bats. The Louisville Slugger Museum & Factory attracts more than 300,000 visitors per year and is ranked as a top national and international attraction. The museum features pieces of baseball history including a Babe Ruth game-used bat from the record breaking 1927 season and a Joe DiMaggio 56-game hit streak bat from the historic 1941 MLB season. H&B's Bionic® gloves division designs and makes the most technologically and scientifically advanced gloves for golf, fitness, gardening and other sports.
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SOURCE Hilco Streambank