Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) today announced that it has successfully closed the previously-announced sale of the Helly Hansen business to Kontoor Brands, Inc. (NYSE: KTB).
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By 1995, the company was owned by Norwegian conglomerate Orkla. That year, Orkla sold a 50% stake in Helly Hansen to Resource Group International, which merged with Aker in 1996.
In 1997, Investcorp bought Aker’s stake and most of Orkla’s stake, resulting in its 70% ownership of Helly Hansen, which was valued at $160 million at the time.
In October 2006, Investcorp sold its shares in Helly Hansen to Altor Equity Partners, a private equity firm.
In 2012, Altor sold a 75% stake in Helly Hansen to the Ontario Teachers’ Pension Plan.
In 2015, the Ontario Teachers’ Pension Plan increased its position, acquiring Altor’s remaining stock in the business. In May 2018, Ontario Teachers sold the company to Canadian Tire for CA$985 million.
Helly Hanson is a good, strong brand but never perceived as particularly Canadian. It was a smart move for CT to sell and they got good money for it. They already have the Woods outdoor brand which they can use that money to increase investment in, and now they have the HBC brands picked up on fire sale and are definitively Canadian and will go well with Woods.
Helly Hansen has never been Canadian…it was Norwegian
It looks like they’ve been quite the global football.
My god
Helly Hanson is a good, strong brand but never perceived as particularly Canadian. It was a smart move for CT to sell and they got good money for it. They already have the Woods outdoor brand which they can use that money to increase investment in, and now they have the HBC brands picked up on fire sale and are definitively Canadian and will go well with Woods.