Samsonite International announced it agreed to acquire Gregory Mountain Products, a technical outdoor backpack brand, from Black Diamond for $85.0 million in cash, to be financed by Samsonite’s internal resources as well as its revolving credit facility.

The company also announced that it has increased its existing revolving credit facility from $300.0 million to $500.0 million, giving it greater financial flexibility as it continues to evaluate acquisition opportunities globally.

According to a news release dated July 3, 2012, Samsonite announced it increased its existing revolver from $100.0 million to $300.0 million
with a syndicate of global banks lead by HSBC Bank USA.

U.S.-based Gregory is a provider of premium technical backpacking, mountaineering, and trail running products and accessories.