The massive Canadian big box retailer agreed to buy the Norwegian outdoor brand renowned for technical sailing and mountaineering gear.
Despite its name, Canadian Tire Corporation (CTC) sells everything from kitchen essentials to pool toys to automotive products – including tires. And it’s also a major outlet for outdoor gear.
And this week, the $15 billion company announced it will buy Oslo, Norway-based Helly Hansen (HH). According to the agreement, CTC will pay $985 million for the brand and take on another $50 million in debt. CTC said the deal will be finalized later this year.
Canadian Tire to Buy Helly Hansen
“CTC provides us with the ideal platform to further accelerate our growth trajectory and also strengthen our Canadian presence,” said Helly Hansen CEO Paul Stoneham. “This is a great opportunity for Helly Hansen and our team. As a Canadian, I am particularly proud to say that Canadian Tire is the new home for Helly Hansen.”
According to CTC, the acquisition will support its “vision of becoming the #1 retail brand in Canada.” Presently, CTC has six subsidiary companies, and among them Canada’s largest clothing and footwear retailer, Mark’s. Together with its outdoor sports retail arm, FGL Sports, CTC counts itself among HH’s largest customers.