Helly Hansen to be acquired by Canadian Tire
The brands are looking to introduce new categories and expand internationally
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Canadian Tire Corporation Ltd (CTC) has announced its plans to purchase Helly Hansen, the Oslo, Norway-based maker of sportswear and workwear.
Founded in 1877, Helly Hansen is controlled by the Ontario Teachers’ Pension Plan.
CTC has agreed to purchase the company and brands for U.S. $771 million and is assuming about U.S. $40 million of operating debt, net of cash, according to a news release. The acquisition is expected to close later this year.
Helly Hansen’s core categories include sailing, skiing, mountain, urban, rainwear, baselayers, and workwear. The brand sells to more than 40 countries through wholesale and retail, with key distribution in the U.S. and Netherlands.
Outdoor and workwear categories are also core to CTC’s retail banners and, through Mark’s and FGL, the company has had a long history with Helly Hansen as one of its largest customers. The purchase strengthens CTC’s core businesses across multiple banners, increasing its brand offerings in Canada and its ability to grow its brands internationally.
“For more than ten years, Helly Hansen has been an exceptional fit with CTC and this acquisition will strengthen our assortment across all of our banners,” Stephen Wetmore, president and CEO of CTC, said in a statement. “With our capabilities and Helly Hansen’s trusted global brand and management team, we see tremendous opportunity for CTC and Helly Hansen, in Canada and internationally.”
“CTC provides us with the ideal platform to further accelerate our growth trajectory and also strengthen our Canadian presence,” says Paul Stoneham, CEO of Helly Hansen. “This is a great opportunity for Helly Hansen and our team. As a Canadian, I am particularly proud to say that Canadian Tire is the new home for Helly Hansen.”