In a major acquisition in the team sports business, Rawlings Sporting Goods is acquiring Easton Diamond Sports, a merger of two of the leading softball and baseball sporting goods companies. Rawlings and Easton will remain separate companies and continue to operate independently. Existing shareholders of Peak Achievement Athletics Inc., the parent of Easton, will continue to participate as minority owners in the combined organization.

In a statement, Rawlings said the purchase will strengthen the Rawlings and Easton brands, enhance product innovation and enable investments to grow the game.

“Over the years, Rawlings and Easton have shared a dedication to being best in class, which is the one constant that ultimately inspired our coming together and what will create the best baseball and softball company in the world,” Rawlings president and CEO Mike Zlaket wrote on the company’s website. “Whether it’s our products, innovation and technology, relationships with our customers, players and consumers, or our service to the game, Rawlings has never compromised. That will be especially true moving forward with the many opportunities and advantages our new integrated operation will provide everyone who loves baseball and softball.”