Schutt Sports closes $25.1 million sale of assets to Platinum Equity

By Caroline Salls

Pittsburgh, Dec. 17 - Schutt Sports, Inc. has completed the sale of substantially all of its assets to Platinum Equity, according to a news release.

As previously reported, the sale was approved on Wednesday by the U.S. Bankruptcy Court for the District of Delaware.

"Schutt Sports is a great company with a strong brand, quality products and enormous potential," Platinum Equity partner Jacob Kotzubei said in the release.

"We are excited to help the company achieve its full potential with the support of Platinum Equity's financial resources and operations expertise."

Robert Erb, who has served as Schutt Sports' chief executive officer since 2007, will continue to lead the company under Platinum Equity's ownership.

Kotzubei said that Platinum Equity's operations team is now acting on a plan to assist Schutt Sports following the change in ownership.

Schutt, a Litchfield, Ill.-based sports equipment manufacturer, filed for bankruptcy on Sept. 6. The Chapter 11 case number is 10-12795.

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