Canadian Tire Corporation plans to buy Helly Hansen in a $985 million acquisition.
The company announced today that it has entered into agreement for the purchase of the sportswear and workwear brand, which is based in Oslo, Norway.
“For more than ten years, Helly Hansen has been an exceptional fit with CTC and this acquisition will strengthen our assortment across all of our banners,” said Stephen Wetmore, President and CEO, Canadian Tire Corporation.
“With our capabilities and Helly Hansen’s trusted global brand and management team, we see tremendous opportunity for CTC and Helly Hansen, in Canada and internationally.”
Founded in 1877, Helly Hansen is known for its outdoor gear and for being a leader in designing innovative products developed for the harshest outdoor conditions. With wholesale and retail distribution established in more than 40 countries, Helly Hansen is a brand known worldwide.
According to Canadian Tire, this acquisition strengthens its core businesses across multiple banners, while increasing its brand offerings in Canada and its ability to grow its brands internationally.
“CTC provides us with the ideal platform to further accelerate our growth trajectory and also strengthen our Canadian presence. This is a great opportunity for Helly Hansen and our team,” said Paul Stoneham, CEO, Helly Hansen.
“As a Canadian, I am particularly proud to say that Canadian Tire is the new home for Helly Hansen.”