Black Diamond Equipment has announced the completion of its sale of Gregory Mountain Products to Samsonite for $84.1 million. The company has used $26.7 million out of the net proceeds of $68.4 million to pay off its credit facility. It took about six months to complete the negotiations after the first approach. The relatively high valuation used for Gregory was probably due to a forecast that Samsonite will be able to double its annual sales to around $120 million in five years' time, especially through geographical expansion. Besides the U.S., its biggest markets are Japan, Hong Kong, China, Korea and Taiwan, where the brand enjoys strong recognition as a California-based lifestyle brand. Knowledgeable officials have indicated to us that this is unlikely to be Samsonite's last acquisition in the outdoor sector.