European PE firm Altor to buy majority stake in Canada's iconic CCM Hockey
Oct 2 (Reuters) -Private equity firm Altor said on Wednesday it has agreed to buy a majority stake in Canada's iconic 125-year-old brand CCM Hockey, which specializes in manufacturing sports equipment and apparel.
Private equity firms are increasingly looking towards the booming sports sector, where companies partner with popular leagues that attract large crowds and foster a loyal customer base.
In August, the owners of the National Football League (NFL) allowed some private equity firms to buy up to a 10% stake in any team, joining other major leagues such as the NBA and Major League Baseball, among others, in allowing limited investment from funds.
It sets up the sports sector, including sporting goods companies, for more outside capital and interest from investment firms.
Montreal, Canada-based CCM Hockey, whose products are used by star ice hockey players including Auston Matthews, Sidney Crosby and Connor McDavid, was founded in 1899.
Reebok bought CCM in 2004 and was then itself bought by Adidas ADSGn.DE in 2006. Later in 2017, the German company struck a $110 million deal with Birch Hill Equity Partners to sell CCM.
Today, it operates in over 40 countries and represents many National Hockey League (NHL) and Professional Women's Hockey League players.
The deal with Stockholm, Sweden-based Altor, an investor in multiple consumer brands, will focus on increasing CCM's growth in both current and new segments, products and markets, the companies said.
The transaction is expected to close by the end of the year.
Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri
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