Baton Rouge-based Marucci Sports has acquired a Utah-based company that is the official bat grip for Major League Baseball.
Marucci Sports bought Lizard Skins which sells branded grip products, protective equipment, bags and apparel for baseball, bicycling, hockey, lacrosse and esports. Financial terms of the deal were not disclosed but Forbes reported the deal was worth nearly $50 million. Lizard Skins has estimated revenue annual revenue of $7 million, according to Dun and Bradstreet, a business intelligence company.
Marucci Sports was bought by the publicly traded investment portfolio business which operates like a private equity firm, Compass Diversified Holdings, last year. At the time, Marucci had grown to about $15 million in annual adjusted earnings before interest, taxes, depreciation and amortization. The company had 230 employees, about 175 of whom work in Baton Rouge.
Marucci sells wood and metal bats, sports apparel and accessories, batting and fielding gloves, and bags and protective gear. More major league baseball players swing Marucci bats than any other manufacturer, including stars such as Freddie Freeman, the 2020 National League MVP and Carlos Correa.
The deal expands Marucci into new markets such as hockey and bicycling.
Lizard Skins was founded in 1993 and has grown to become the official grip for MLB, several professional bicycling teams and its grip tape is a licensed product of the national Hockey League.
Brian Fruit, the founder of Lizard Skins, alongside the company’s leadership team are expected to join Marucci Sports.
“Lizard Skins has earned the trust of top athletes, its strong presence both inside and outside the diamond sports market makes this an exciting partnership,” said Kurt Ainsworth, CEO of Marucci in a news release.
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