Samsonite International has announced that it has completed the acquisition of Tumi Holdings, Inc. Upon closing, Tumi became an indirect wholly-owned subsidiary of the Company, and Tumi stockholders became entitled to receive US$26.75 per Tumi share in cash (without interest).
Founded in 1975, Tumi is a leading global premium lifestyle brand offering a comprehensive line of business bags, travel luggage and accessories. The brand is consistently recognized as “best-in-class” for the high quality, durability, functionality and innovative design of its products, which range from its iconic black ballistic business cases and travel luggage synonymous with the modern business professional, to travel accessories, women’s bags and outdoor apparel. For the year ended December 31, 2015, Tumi’s had net sales of US$547.7 million. North America accounted for 68% of Tumi’s 2015 net sales, with Asia Pacific accounting for 17%, Europe, Middle East and Africa accounting for 14% and Latin America accounting for the remaining 1% of net sales.
Commenting on the acquisition, Ramesh Tainwala, Chief Executive Officer of Samsonite, said,“Today is truly a transformational moment in Samsonite's 100 year plus history. Tumi is a perfect strategic fit for our business. The brand is beloved by millions of loyal customers for its high quality and durable premium business and luggage products. The acquisition will meaningfully expand our presence in the highly attractive premium segment of the global business bags, travel luggage and accessories market. I am thrilled to welcome Tumi to the Samsonite family. We now have a credible presence in every price segment of the bag and travel luggage market, and are truly well on our way to becoming a global travel lifestyle company. I am tremendously excited by the potential of Tumi in contributing towards our long-term objective to deliver outstanding products to consumers and driving shareholder value.”
Jerome Griffith, Chief Executive Officer of Tumi, commented, “I am delighted that Tumi is now part of Samsonite. This is an exciting day for Tumi and all the travellers around the world who count on us. The team at Samsonite has a long and successful track record when it comes to acquisitions and I am confident they will be excellent stewards of the Tumi brand. Samsonite will bring Tumi to new and exciting growth markets, while still maintaining the high quality Tumi is known for. We look forward to developing our offering, which will enhance the product portfolio of both companies.”