German sportswear group Adidas has agreed to sell its CCM ice hockey brand to private equity firm Birch Hill Equity Partners for 110 million US Dollar, it said on Thursday, as it focuses more strongly on its core Adidas and Reebok brands.
Adidas has shaken up its business in the United States and shed non-core businesses to regain ground lost to Nike, outpacing its rival’s sales growth in key markets this year.
It sold its golf business this year, striking a deal in May to sell brands TaylorMade, Adams Golf and Ashworth to private equity firm KPS Capital Partners for 425 million US Dollar.
“The divestiture of CCM further reflects the commitment to our ‘Creating the New’ strategy, with complete focus on building on our strength in footwear and apparel via our adidas and Reebok brands,” Chief Executive Kasper Rorsted in a statement said.
Birch Hill will pay most of the purchase price for CCM in cash and the rest in the form of a secured note, Adidas has said on Thursday.
– Apparel and Textile News, Apparel Talk, Indian Apparel
