Performance Sports Group, restructuring in bankruptcy proceedings since October 31, received court approval to sell Inaria, the manufacturer of soccer uniforms, apparel and equipment.
The brand was sold back to Saverio Michielli, the brand’s founder, for $1.58 million (Canadian $2.1 million). Performance Sports Group acquired Inaria in 2012.
The soccer brand wasn’t part of the asset purchase agreement covering the sale of Performance Sports Group to a group of investors led by Sagard Capital Partners and Fairfax Financial Holdings that was in place when the company filed for bankruptcy. Sagard Capital’s and Fairfax Financial’s $575 million bid is serving as “stalking horse bidder” for a bankruptcy auction set for January 30.
Performance Sports Group also owns the Bauer, Mission, Maverik, Cascade, Combat and Easton brand names.
Photo courtesy Inaria
