Altor has sold a majority stake in Helly Hansen Group to Ontario Teachers' Pension Plan Board Board and will retain a 25 per cent holding.
The price of the transaction was not disclosed however, late last year it was reported that Altor was looking to sell off the business, and Altor partner Hugo Maurstad believed the company was worth NKr2bn (€270m), based on comparable company values.
Headquartered in Norway, Helly Hansen designs and develops high-performance technical apparel. It currently operates through three divisions: sports wholesale, sport retail and workwear. Last year the company generated revenues of NKr1,576m (€211.7m).
Since Altor acquired the apparel business in 2006, it has turned the company around from being loss-making to cash-generative. To strengthen its focus on its sport and workwear offering, its professional business, Helly Hansen Pro, was sold to Montagu Private Equity in February last year.
“Helly Hansen has been a good investment for Altor, but we believe that the positive momentum will continue and that we will experience continued growth in the years to come. The company has a strong platform, a clear strategy and a strong management team. Altor is therefore very happy to continue with ownership and involvement together with OTPP,” said Reynir Indahl, board member of Helly Hansen and partner at Altor.