Amer Sports completes sale of Mavic
today Jul 10, 2019
Finnish sporting goods company Amer Sports Corporation announced on Tuesday that it has completed the sale of its Mavic SAS cycling brand to Regent LP, a US-based global private equity firm specialized in transforming businesses across a range of industries including technology, consumer products, retail and media.
First announced in March, the divestment of Mavic, which only represented around 3% of Amer’s sales, is part of the company’s comprehensive strategic review of its now discontinued cycling business.
The move will allow the sports equipment group, which also owns the Salomon, Arc’teryx and Peak Performance brands, among others, to streamline its portfolio and focus on its more profitable categories.
"As part of our strategy we continue to focus the group portfolio and capabilities towards areas of faster growth, better profitability, and scalability," explained Amer President and CEO Heikki Takala in a release published when the transaction was first announced. "We believe that the iconic Mavic brand has strong potential, which would be better realized as part of Regent. Amer Sports continues to capitalize on its strategic priorities, especially softgoods, direct to consumer, China, and United States."
Based in Annecy, France, Mavic has been manufacturing bike systems and rider’s equipment since 1889, when it was founded by Charles Idoux and Lucien Chanel.The brand has been an official sponsor of the Tour de France since the 1970s and currently employs more than 300 people.
According to Amer, which reported net sales of 2.68 billion euros in 2018, the divestment of Mavic will not affect the results of its continuing businesses.
No further details were provided about the transaction between Amer and Regent.
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