Ontario Teachers’ announces agreement to sell Norwegian designer Helly Hansen
TORONTO – Ontario Teachers' Pension Plan (Ontario Teachers') today announced the sale of its majority stake in Helly Hansen Group AS (Helly Hansen), the iconic Norwegian designer and marketer of high-performance outdoor and workwear apparel, to Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.A) (CTC).
"Over the past six years Ontario Teachers' has worked proactively with the Helly Hansen team to build a strong financial and strategic footing for the company," said Jo Taylor, Ontario Teachers' Senior Managing Director International. "The excellent financial performance of the business, driven by a market leading position in its core categories, is a testament to the success of that partnership."
Ontario Teachers' acquired Helly Hansen in 2012 and worked with the Oslo-based company to expand its brand internationally. The company this week reported its third consecutive year of record profit growth.
About Ontario Teachers'
The Ontario Teachers' Pension Plan (Ontario Teachers') is Canada's largest single-profession pension plan, with $189.5 billion in net assets at December 31, 2017. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 9.9% since the plan's founding in 1990. Ontario Teachers' is an independent organization headquartered in Toronto. Its Europe, Middle East & Africa region office is in London and its Asia-Pacific region office is located in Hong Kong. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario's 323,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.
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