The acquisition creates the second largest racquet sports firm worldwide behind Wilson’s FiM 1,167 million ($211.4 mm) with estimated FY99 revenues of more than $170 million. Financial terms weren’t disclosed but one report said that HTM paid in the $25-30 million range for Penn, which had 1998 revenues of $67.6 million and EBITDA of $5.3 million.

GenCorp, a diversified Fairlawn, OH manufacturer, had been shopping the 89-year old tennis ball maker since Dec. Likely, the only consolidation ... Log in to view full article.