Canadian Tire Corporation to purchase Helly Hansen for $985 million
Category: #retail  By Paroma Bhattacharya  Date: 2018-05-13
  • share
  • Twitter
  • Facebook
  • LinkedIn

Canadian Tire Corporation to purchase Helly Hansen for $985 million

Canadian Tire Corporation Limited has reportedly announced that it has entered into an agreement to buy Helly Hansen – a leading workwear and sportswear producer based in Oslo, Norway.

Through Mark's and FGL, Canadian Tire Corporation has been dealing with Helly Hansen for long, the firm being one of its largest customers. This acquisition is expected to strengthen the workwear and outdoor categories that are core to Canadian Tire Corporation’s retail banners. It also reinforces the company’s core businesses across several banners, expanding its brand offerings in Canada as well as overseas.

The President and CEO of Canadian Tire Corporation, Stephen Wetmore said that Helly Hansen had been an excellent fit with the company for more than 10 years and the acquisition will considerably strengthen the company’s assortment across all its banners. He added that with Helly Hansen’s recognition as a trusted global brand combined with the capabilities of Canadian Tire Corporation, opportunities will be immense for both the companies.

Reliable resources quote Paul Stoneham, CEO, Helly Hansen to have said that the platform that Canadian Tire Corporation can provide Helly Hansen can accelerate the growth trajectory of the company.

Founded in 1877, Helly Hansen is regulated by the Ontario Teachers' Pension Plan and is known for the professional grade gear it produces. Helly Hansen is also a leader in designing high quality and innovative products for technical performance in the harshest outdoor conditions. The company designs and delivers products like sailing, mountaineering, skiing, rain gear and workwear for outdoor enthusiasts and professionals across the world. Having retail and wholesale distribution capabilities across 40 countries, Helly Hansen is a celebrated brand all over the world.

The purchase agreement has been finalized at $985 million with an assumption of approximately $50 million of operating debt. The acquisition is expected to be finalized in the third quarter of 2018.



About Author

Paroma Bhattacharya

Email: [email protected]   

Paroma Bhattacharya

Paroma currently works as a content developer for Algosonline, MSF and a series of alike platforms. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched ...

Read More

More News By Paroma Bhattacharya

Mirati Therapeutics reveals Phase ½ results of KRAS inhibitor therapy
Mirati Therapeutics reveals Phase ½ results of KRAS inhibitor therapy
By Paroma Bhattacharya

Mirati Therapeutics, an oncology company that engages in the development of targeted therapies, recently released its clinical trial results for MRTX849. Reportedly, MRTX849 is a KRAS G12C inhibitor and the data from P...

Best Buy to offer free next-day delivery feature on various products
Best Buy to offer free next-day delivery feature on various products
By Paroma Bhattacharya

Online retailers are always launching new and attractive deals during the holiday season, as it grosses the highest sale time for the year. Several retailer rollout out attractive offers, such as discounts or complimen...

Nature Tech Corp partners with Aldevron for gene therapy manufacturing
Nature Tech Corp partners with Aldevron for gene therapy manufacturing
By Paroma Bhattacharya

The global cell and gene therapy sector is expected to witness a thriving period of growth over the forthcoming years. In fact, owing to the favorable growth conditions across the industry, numerous biotechnology and p...