Canadian Tire Refocuses on Core Retail Business
Canadian Tire, which acquired Helly Hansen in 2018 from the Ontario Teachers’ Pension Plan for $985 million, framed the divestiture as part of a strategic pivot toward its Canadian retail operations.
“As our strategy becomes more singularly focused on great Canadian retail, it is time to pass this iconic brand into global hands,” said Greg Hicks, CEO of Canadian Tire.
During its ownership, Canadian Tire expanded Helly Hansen’s reach, increasing sales and brand awareness across international markets. However, Hicks emphasized that selling the brand would unlock value for the company and its shareholders, while also providing financial flexibility to navigate economic uncertainties.
Legal Counsel and Transactional Details
Foley & Lardner LLP is representing Kontoor Brands, while Norton Rose Fulbright Canada LLP is advising Canadian Tire. Further deal team details were not immediately available.
With the acquisition, Kontoor Brands is making a bold bet on the outdoor and performance apparel industry, reinforcing its commitment to global expansion and brand diversification.
