Canadian Tire Purchasing Helly Hansen
CBJ — Canadian Tire Corp. Ltd. is purchasing outdoor clothing maker Helly Hansen of Norway in a $985 million deal.
Canadian Tire CEO Stephen Wetmore says the deal was made due to many synergies, especially with the likes of Helly Hansen’s outdoor adventure, sailing, skiing, casual and industrial wear.
Toronto-based Canadian Tire identified the Norwegian brand as an acquisition target after it established its consumer brands division, seeing it as an opportunity to strengthen some of its most “strategic and brand sensitive categories.”
Helly Hansen CEO Paul Stoneham and the management team, based in Norway, are expected to continue to lead the business from Europe.