Private equity vehicle Altor Equity Partners is to sell 75% of its stake in outdoor specialist Helly Hansen Group to a Canadian pension fund.
Altor, which bought the company when it was loss-making in 2006, will retain a 25% minority stake while the Ontario Teachers’ Pension Plan Board (OTPP) becomes the majority shareholder.
The two firms did not disclose how much the deal was worth, however noted the Norwegian brand had generated revenues totalling NoK157.6m (£16.6m) in 2011 across its three divisions – sports wholesale, sports retail and workwear.
Helly Hanson chief executive Peter Sjölander said: “Our people at Helly Hansen have worked very hard to rebuild its position as one of the world’s leading outdoor brands. We are proud of what Helly Hansen has become, and excited about where we can take it going forward.
“Getting OTPP on board as majority owners will provide us with expertise, global relationships and financial resources to further grow the company, especially in North America.”
Sjölander reiterated his ambition for the company to top $1bn in profits over the next five years, noting “current trading is stronger than ever”.
Helly Hanson chairman and partner at Altor Hugo Maurstad said the past six years had seen the brand “reconnect with its roots” and become “a world class apparel company”.