Germany Outdoor clothing Jack Wolfskin announced on Thursday that the company has accepted the acquisition of Blackstone Group, a private equity giant, to help the company expand in Eastern Europe and Scandinavia.

Jack Wolfskin said, brand Manfred Hell, one of the co founders, will no longer serve as the CEO of the company. Manford Hall has managed the company for nearly 25 years. In his statement on Thursday, he pointed out that "it is an unspeakable precious experience for me to lead a small company to develop to today's level in a newly emerging market."

Jack Wolfskin mainly focuses on the fast-growing outdoor sportswear market, and sportswear giants including Adidas have always hoped to enter this market in many countries, including Russia. Jack Wolfskin has achieved strong growth in China, mainly engaged in sports equipment such as jackets, backpacks, tents and hiking shoes. At present, the company has shifted its focus to Eastern Europe, Scandinavia and other countries.

The two sides did not disclose the detailed terms of the transaction, but insiders said that the transaction price might be around 700 million euros (994 million dollars). Blackstone Group said that it has been in contact with several candidates with "international vision and experience" and may announce a new CEO candidate within a few weeks Puma Andreas Klotz, a former senior manager, will join the company as CFO, and Christian Brandt, the current CFO, will be transferred to COO.

Blackstone said that the acquisition of Jack Wolfskin would be completed within August.
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