Teachers' is acquiring approximately 75% of Helly Hansen from Altor Fund II, which will retain a 25% equity stake in the company. Terms of the transaction are not being disclosed.
Headquartered in Oslo with approximately 500 employees, Helly Hansen designs, develops and markets stylish and high-performance technical apparel. In 2011, the company had revenues of NOK 1,576 million (C$265 million).
"Helly Hansen is an iconic brand with a long heritage and a strong commitment to innovation and design. We see excellent opportunities to continue growing revenues and international awareness outside the core European markets," said Jo Taylor, TPC Vice-President and head of Teachers' London office. "Management has a clear and compelling vision for the business and we look forward to supporting their efforts to build a global success story."
"We are pleased to have Teachers' as a long-term owner of the company," stated Peter Sjolander, the company's CEO. "The fund's strong financial backing and established global footprint will be invaluable as we look to expand the Helly Hansen brand internationally, particularly in North America."
TPC activities include leading deals on a sole or partnered basis, investing in private equity funds in markets and sectors that it cannot efficiently access directly and co-investing with other like-minded private equity funds. TPC manages a global portfolio valued at approximately $12 billion. Since Teachers' began making private equity investments 20 years ago, it has achieved an average annualized return of close to 20% from the asset class.
Ontario Teachers' Pension Plan (Teachers')
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