The new company will operate as PowerBilt Holdings LLC., with plans to launch new golf products and form new licensing and distribution partnerships
(New York, NY) – Powerbilt Holdings, a joint venture between Hilco Streambank and CEO of One Step Up Apparel - Harry Adjmi, has completed the acquisition of the PowerBilt golf and sporting goods product portfolio from Hillerich & Bradsby Co. (“H&B”) in a private sale.
Powerbilt Holdings plans to honor the brand’s history and legacy as a performance golf equipment company through the expansion of its core golf equipment lines into several other related categories, including apparel. Gabe Fried, CEO of Hilco Streambank said, “We are excited about the strength and historical equity of this brand and are already developing plans for expansion.”
The PowerBilt brand of products has been an integral part the golf equipment category for over a century building a strong following among both golf professionals and everyday golfers from around the world. Fried added “We’re confident that we can leverage the brand’s rich history of delivering the high quality products as we build on the existing legacy. Golf enthusiasts can expect to see the iconic orange Powerbilt golf bag on the professional greens again very soon.”
John Hillerich, CEO of Hillerich & Bradsby said, “We are proud to have owned and marketed this iconic brand for over 100 years and to have provided golfers at all levels of the sport with superior quality products at affordable prices. We are certain that Hilco Streambank and their JV partners will build upon this rich history and expand the brand with our current licensees and future best in class partnerships.”
Mr. Fried indicated that as partners, Hilco Streambank and One Step Up Apparel plan to reinvigorate the iconic label and build on its current global presence, adding new revenue streams through strategic initiatives including brand licensing deals, new products and designs, expanded distribution and increased brand marketing.
For information on specific licensing opportunities, interested parties should contact Jack Hazan or Gabe Fried at 212-610-5663.