Canadian Tire To Acquire Helly Hansen
Canadian Tire announced today that it has entered into an agreement to purchase outdoors apparel company Helly Hansen (based in Oslo, Norway).
“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. 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.”
This acquisition will strengthen Canadian Tire Corporation's core outdoor business across their other businesses that are a part of the Canadian Tire Network such as Mark's, Sport Chek, and Atmosphere.
“CTC provides us with the ideal platform to further accelerate our growth trajectory and also strengthen our Canadian presence. 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.”
CTC has agreed to purchase the company that owns and operates the Helly Hansen brands and related businesses for $985 million, and is assuming approximately $50 million of operating debt, net of cash. The acquisition is expected to close in Q3 2018 and is subject to usual closing conditions.
Helly Hansen will join Woods and Outbound which Canadian Tire bought around 2016.
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