Clarus Corporation (‘Clarus’) is a global designer, developer, manufacturer, and distributor of outdoor equipment and lifestyle products focused on the outdoor enthusiast markets.
The company’s products are principally sold globally under the Black Diamond, Rhino-Rack, MAXTRAX, and TRED Outdoors brand names through outdoor specialty and online retailers, its own websites, distributors, and original equipment manufacturers. The company’s portfolio of iconic brands is well-positioned for sustaina...
Clarus Corporation (‘Clarus’) is a global designer, developer, manufacturer, and distributor of outdoor equipment and lifestyle products focused on the outdoor enthusiast markets.
The company’s products are principally sold globally under the Black Diamond, Rhino-Rack, MAXTRAX, and TRED Outdoors brand names through outdoor specialty and online retailers, its own websites, distributors, and original equipment manufacturers. The company’s portfolio of iconic brands is well-positioned for sustainable, long-term growth, underpinned by industry trends across the outdoor and adventure sport end markets.
On December 5, 2024, the company completed the acquisition of certain assets and liabilities constituting the RockyMounts business (RockyMounts), a Colorado-based brand specializing in bicycle transport products.
On February 29, 2024, the company and Everest/Sapphire Acquisition, LLC, its wholly-owned subsidiary, completed the sale to Bullseye Acquisitions, LLC, an affiliate of JDH Capital Company, of all of the equity associated with the company’s Precision Sport segment, which consisted of the company’s subsidiaries Sierra Bullets, L.L.C. (‘Sierra’) and Barnes Bullets – Mona, LLC (‘Barnes’), pursuant to a Purchase and Sale Agreement dated as of December 29, 2023, by and among Bullseye Acquisitions, LLC, Everest/Sapphire Acquisition, LLC, and the company (the ‘Precision Sport Purchase Agreement’).
Market Overview
The users of the company’s products are loyal outdoor enthusiasts, including climbers, mountaineers, trail runners, skiers, mountain bikers, backpackers, campers, adventure seekers, overlanders, tradesmen, and other outdoor-inspired consumers.
Growth Strategies
The company’s growth strategies are to achieve sustainable, profitable growth organically while seeking to expand the company’s business through targeted, strategic acquisitions.
The company’s growth initiatives include, but are not limited to, growth in international markets, and the acquisition of complementary businesses.
Outdoor
Black Diamond Equipment: Black Diamond Equipment is a global innovator in climbing, skiing, and mountain sports equipment, enabling peak performance for outdoor enthusiasts. The brand is synonymous with innovation, performance, safety, and durability. Headquartered in Salt Lake City at the base of the Wasatch Mountains, Black Diamond products are created and tested locally on its alpine peaks, slopes, crags, and trails. Continuously recognized as an industry-leading innovator, Black Diamond has received over 500 industry awards over five years, including over 250 product awards in 2024 alone.
Adventure
Rhino-Rack: Headquartered in Sydney, Australia, Rhino-Rack has been a widely recognized, premier aftermarket automotive roof rack and accessories brand since 1992, with a leading market position in Australia. Best known for its ‘north/south’ platform roof rack design, Rhino-Rack’s product offering includes roof racks, luggage carriers, shade awnings, kayak carriers, bike carriers, and load-securing accessories. Rhino-Rack has a long track record of launching new, innovative products with state-of-the-art engineering, serving and enhancing the outdoor enthusiast’s experience whether camping, off-roading, overlanding, or getting to the worksite.
MAXTRAX: Founded in 2005, MAXTRAX is considered the creator of the vehicle recovery board. MAXTRAX has developed a product lineup consisting of high-quality vehicle recovery and extraction tracks, including its original MAXTRAX MKII recovery track. All MAXTRAX vehicle recovery tracks are manufactured in Australia using its proprietary, Australian-sourced, engineering-grade, and fiber-reinforced nylon. MAXTRAX sells its products around the world to distributors, retailers, government agencies, third-party e-commerce sites, and through its own website.
TRED: Founded in 2012, TRED, which stands for Totally Reliable Explorer Driven, is designed and built for the ‘Seriously Adventurous’ and is passionately supported by customers and consumers who live and breathe the lifestyle. TRED’s products, which are synonymous with quality and engineering, are all made in Australia using Australian-sourced and tested high-grade materials. TRED is a trusted brand for key retailers and distributors primarily in Australia, with a growing export market, including Canada, the Middle East, New Zealand, South Africa, and the U.S.
Precision Sport
The activities of the Precision Sport segment have been segregated and reported as discontinued operations for all periods presented.
Sierra: Sierra Bullets is dedicated to manufacturing the highest-quality, most accurate bullets and ammunition in the world. From local and international shooting competitions to sport and hunting, Sierra is synonymous with precision, providing critical dependability to hunting and sport shooting enthusiasts. This performance is born from a proprietary manufacturing, testing, and quality assurance process that enables the achievement of the tightest tolerances in the industry. Sierra’s bullets and ammunition are used for precision target shooting, hunting, and defense purposes. Sierra’s products have cultivated a significant consumer wing recognized by iconic ‘green box’ packaging and include globally recognized bullet brands, such as Sierra MatchKing, Sierra GameKing, and Sierra BlitzKing, and ammunition brands, such as GameChanger, Prairie Enemy, Outdoor Master, and Sport Master.
Barnes: Barnes Bullets is an industry leader in all-copper bullet technology and innovation. The company manufactures some of the world’s most technologically advanced lead-free bullets and premium hunting, self-defense, and tactical ammunition. Barnes has earned its strong reputation through unrivaled performance and terminal results. This reputation is defined by innovative design, advanced manufacturing techniques, and a core focus on the end-user. As a result, Barnes has generated a strong consumer following supported by its globally recognized bullet brands, such as Barnes TSX, X Bullet, Varmint Grenade, and Expander, and ammunition brands VOR-TX and TAC-XPD. With its products being sold through its online store, a variety of retailers, and international distributors, Barnes’ customers include hunters, range shooters, military, and law enforcement professionals around the world.
Operating Segments
The company operated its business within three segments until the sale of the Precision Sport segment on February 29, 2024. After the sale of the Precision Sport segment, the company operates the business within two segments.
The company’s Outdoor segment, which includes Black Diamond Equipment and PIEPS, is a global leader in designing, manufacturing, and marketing innovative outdoor-engineered equipment and apparel for climbing, mountaineering, trail running, backpacking, skiing, and a wide range of other year-round outdoor recreation activities. The company’s Outdoor segment offers a broad range of products, including high-performance, activity-based apparel (such as shells, insulation, midlayers, pants, and logowear); rock-climbing footwear and equipment (such as carabiners, protection devices, harnesses, belay devices, helmets, and ice-climbing gear); technical backpacks and high-end day packs; trekking poles; headlamps and lanterns; and gloves and mittens. The company also offers advanced skis, ski poles, ski skins, and snow safety products, including avalanche airbag systems, avalanche transceivers, shovels, and probes.
The company’s Adventure segment, which includes Rhino-Rack, MAXTRAX, and TRED, is a manufacturer of highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, recovery boards, bicycle racks, and accessories in Australia and New Zealand, and a growing presence in the United States.
Products
The company’s products span a large assortment of product categories and include a wide variety of technical outdoor equipment and lifestyle products for a wide range of outdoor enthusiasts, including climbers, mountaineers, trail runners, skiers, backpackers, and campers, bicyclists, and other outdoor-inspired consumers. The company designs many of its products for extreme applications, such as high-altitude mountaineering, ice and rock climbing, as well as backcountry skiing and alpine touring. The company also designs and develops highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, recovery tracks, bicycle transport systems, and accessories. Generally, the company divides its product offerings into the following two primary categories:
Outdoor: The company’s outdoor line consists of apparel, footwear, headlamps, lights, trekking poles, gloves, packs, avalanche airbags, poles, avalanche safety devices, and equipment, such as carabiners, harnesses, protection devices, and various other climbing, mountaineering, hiking, and backcountry accessories and products.
Adventure: The company’s adventure line consists of automotive roof racks, trays, mounting systems, luggage boxes, carriers, recovery tracks, bicycle transport systems, and accessories.
Product Design and Development
The company conducts its product research, evaluation, and design activities at its locations in Salt Lake City, Utah; Aurora, Colorado; Lebring, Austria; Sydney, Australia; and Brisbane, Australia.
The company typically brings new products from concept to market in approximately 18 to 36 months, depending upon the technology integration and complexity of the product. The company works simultaneously on product lines for the four subsequent selling seasons.
Customers
The company markets and distributes its products in over 50 countries, primarily through independent specialty stores and specialty chains, premium sporting goods and outdoor recreation stores, distributors, and original equipment manufacturers (‘OEMs’) in the United States, Canada, Europe, the Middle East, Asia, Australia, New Zealand, Africa, and South America. Outside of North America and Europe, the company sells its products through independent global distributors into specialty retail stores. The company also sells its products directly to customers through its various websites.
The company’s end users include a broad range of consumers, including mountain, rock, ice, and gym climbers, winter-outdoor enthusiasts, trail runners, backpackers, bicyclists, off-road enthusiasts, overlanders, and outdoor-inspired consumers.
Sales and Marketing
The company’s sales force is generally deployed by geographic region: Canada, Europe, Asia Pacific, Latin America, Australia, and the United States. The company’s focus is on providing its products to a broad spectrum of outdoor enthusiasts. Within each of its brands, the company strives to create a unique look for its products and to communicate those differences to the consumer. In addition, the company is continuously exploring uses for brand and market research. The company also regularly utilizes various promotions and public relations campaigns.
The company has consistently established relationships with professional athletes and influencers to help evaluate, promote, and establish product performance and authenticity with customers. Such brand endorsers are one of many elements in the company’s array of marketing materials, including in-store displays, catalogs, workbooks, social media, and digital campaigns via its websites.
Global Distribution
The company’s distribution model allows it to ship a broad cross-section of its product line in smaller quantities to its own global distribution centers and to those of the company’s Independent Global Distributors (‘IGD’) more frequently and at lower transportation and logistics costs.
Competition
The company competes with niche, privately-owned companies, as well as a number of brands owned by large, multinational companies, such as those set forth below.
Outdoor: The company’s outdoor products and accessories, such as apparel, footwear, trekking poles, headlamps, gloves, backpacks, transceivers, protection, carabiners, helmets, and harnesses, compete with products from companies, such as The North Face, Patagonia, La Sportiva, Prana, Hestra, Osprey, Arc’Teryx, Petzl, and Mammut.
Adventure: The company’s highly-engineered automotive roof racks, trays, mounting systems, luggage boxes, carriers, recovery tracks, and accessories compete with products from companies, such as Thule, Dometic, Yakima, and Front Runner.
Precision Sport: The company’s former Precision Sport segment sold bullets and ammunition to both retailers and distributors for sale to consumers, as well as supplies bullets to OEMs who also manufacture bullets. Such companies include Vista (Federal Ammunition, CCI, and Remington), Nammo, Hornady, Fiocchi, and Olin (Winchester).
In addition, in certain categories, the company competes with certain of its large wholesale customers who focus on the outdoor market, such as REI, Mountain Equipment Co-op, and Decathlon, which manufacture, market, and distribute their own climbing, mountaineering, and skiing products under their own private labels.
Intellectual Property
The company’s registered and pending word and icon trademarks worldwide, including the Black Diamond and Diamond ‘C’ logos, Black Diamond, ATC, Camalot, AvaLung, FlickLock, Ascension, Time is Life, Hexentric, Stopper, Dawn Patrol, Bibler, ‘Use.Design.Engineer.Build.Repeat’, PIEPS, Rhino-Rack, Maxtrax, RockyMounts, and TRED, create international brand recognition for its products.
Seasonality
While the company’s products are outdoor activity-based, there are no significant seasonal variations in sales and profitability. In 2024, approximately 48% of the company’s sales from continuing operations were in the first half of the year while approximately 52% of its sales from continuing operations occurred in the second half of the year (year ended December 31, 2024).
Research and Development
The company’s total research and development costs for continuing operations were $12,171 for the year ended December 31, 2024.
History
The company was founded in 1957. It was incorporated in Delaware in 1991. The company was formerly known as Black Diamond, Inc. and changed its name to Clarus Corporation in 2017.
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