Investcorp, a private equity firm incorporated in the Cayman Islands, is selling Helly Hansen after holding onto the company for nearly ten years. Investcorp has also included well-known companies like Saks, Gucci, and Tiffany in its past portfolio. Helly Hansen is represented by Silversteep Partners, an investment banking firm specializing in the outdoor and active lifestyle industries, and the accounting firm KPMG.

Investcorp bought the 129-year-old Norse brand in 1997. According to past Investcorp financial repots, through investments in shop-in-shop programs and marketing, the PE firm helped grow the company nearly ten-fold. Trailing twelve month revenues are estimated to be in the $200 million range. There are reportedly several PE firms interested in Helly Hansen, but sources close to the deal say that it will likely go to a strategic buyer. Reports on TheDeal.com estimate the likely sale price to be £100 million or $184 million, but depending on Helly Hansen’s EBITDA, the company could sell for as much as $220 million based on previous multiples in the industry.

Helly Hansen has been gaining momentum, with some popularity in urban markets and continued success in its technical outerwear product lines. More recently, the company leveraged its Norse sailing heritage and extended the brand into watersports footwear. At OR Summer Market last year, Helly showed up with a broad presentation of footwear that crept onto land as well. Helly has also been expanding its retail presence with several franchise partnerships around the country.