Amer Sports has entered in an exclusivity period with Regent, a U.S.-based global private equity firm, for the sale of the shares and related cycling business of Mavic S.A.S. Terms were not disclosed.
The project for this sale will now be presented to the relevant employee representative bodies. The completion of the contemplated transaction and the transfer of ownership is expected to occur during the second quarter of 2019.
The intended divestment of Mavic follows Amer Sports’ comprehensive strategic review process on the Cycling business, which the company announced while updating its strategy in September 2018. The divestment would not have an impact on the results of Amer Sports’ continuing businesses. Amer Sports has reported its Cycling business as discontinued operations for the full year 2018.
“As part of our strategy we continue to focus the Group portfolio and capabilities towards areas of faster growth, better profitability, and scalability. Over the past cycle we have concluded that we are not the best owner for Mavic which only represented approximately 3% of our sales and which has distinct business drivers and little synergies vs. the broader Group. We believe that the iconic Mavic brand has strong potential, which would be better realized as part of Regent. Amer Sports continues to capitalize on its strategic priorities, especially Softgoods, Direct to Consumer, China, and United States”, comments Heikki Takala, president and CEO of Amer Sports.
Regent is focused on innovating and transforming businesses across diverse industries including technology, consumer products, retail, industrial, and media and entertainment, and has a strong track record for redeploying and repositioning consumer brands.
Amer’s brands include Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor.
