New Wave Group AB (NEWAb.ST) has entered into an agreement to acquire substantially all of the assets of the US based headwear company, Ahead, for $17.4 million in addition to a net asset value adjustment of approximately $5 million.

Ahead is best known for its headwear collections that feature original approaches to logo embroidery options. Founded in 1995, and based in New Bedford, Mass., the company operates four distinct business units; Men’s Apparel, Ahead Headgear, the “Heavy Metal” line of golf accessories and the “Kate Lord TM Collection” of women’s hats, apparel and accessories.
 

The acquisition will be included in a newly formed subsidiary within New Wave USA Inc. During 2010, Ahead reported sales of close to $32 million with an operating profit (EBIT) of approximately $2.7 million.

The acquisition of Ahead joins the New Wave Group corporate portfolio, as the parent company of Cutter & Buck, Clique, Craft, Orrefors, Kosta Boda among other brands. The transaction is expected to close in the third quarter of 2011 and is subject to customary closing conditions.

“Ahead’s strong market position in the headwear category will be an excellent complement to our business components,” said Torsten Jansson, Managing Director and CEO of New Wave Group. “Ahead has been recognized for revolutionizing headwear in the golf community,” he added.