- Clarus Corp CLAR has acquired Australian-based MAXTRAX, a developer of vehicle recovery and extraction tracks, for an undisclosed sum. MAXTRAX, founded in 2005 by Brad McCarthy, manufactures all its vehicle recovery tracks in Australia.
- MAXTRAX will continue to operate independently as a wholly-owned indirect subsidiary of Clarus and will be part of the company's Overlanding reporting segment.
- MAXTRAX's net sales for the fiscal year ended June 30, 2021, were approximately A$21 million. Clarus expects the acquisition to be immediately accretive.
- The purchase price consists of a combination of cash, stock, and future consideration. Clarus held cash and equivalents of $10.2 million as of September 30, 2021.
- Price Action: CLAR shares are trading higher by 1.86% at $26.88 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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