Adidas announced today that they have officially agreed to sell off their CCM Hockey brand to Birch Hill Equity Partners. The deal is reported to be for $110 million.
For more details on the news, refer to the full press release below:
MONTREAL — Earlier today, adidas announced that it has entered into a definitive agreement to sell its CCM ice hockey brand to a newly formed affiliate of Birch Hill Equity Partners. The transaction, which is subject to customary closing conditions, is expected to be completed during the third quarter of 2017.
Phillipe Dubé, President of CCM Hockey, said, “This is very exciting news for all of us at CCM Hockey and we look forward to being part of the Birch Hill family of companies. Birch Hill has become Canada’s mid-market leader in creating long term value via smart, sustained business-building based on shared interests and guided by growth. Our business is strong and CCM continues to gain momentum. It is business as usual at CCM, and we look forward to building on our strong momentum.”
Pierre Schuurmans, COO and Partner at Birch Hill, said: “Birch Hill is excited to build on CCM Hockey’s legacy as an iconic Canadian brand. We are committed to advancing CCM’s industry leadership in design and product innovation, to maintaining its deep roots in Quebec, and to invest in a company with world-class employees and athlete partners that has tremendous opportunity for growth in hockey equipment.”
CCM expects the transition to be a smooth one as CCM operated mostly as a stand-alone company within adidas.
About CCM Hockey
CCM Hockey is a leading designer, manufacturer and marketer of hockey equipment and related apparel. With its headquarters located in Montreal, the company has operations in Canada, the United States and Europe. CCM Hockey equips more professional hockey players than any other company, including superstars like Sidney Crosby, Connor McDavid and John Tavares. CCM Hockey is also the official outfitter of the National Hockey League, the American Hockey League, the Canadian Hockey League, and several NCAA and national teams. For more info, visit: www.ccmhockey.com.
About Birch Hill Equity Partners
With over $3 billion in capital under management, Birch Hill Equity Partners invests in leading middle- market businesses. Birch Hill’s team has many years of experience working together as an active partner with top management teams in building long term value. Since 1994, Birch Hill has made 58 investments with 43 now fully realized.