The owner of Bauer Hockey says affiliates of Fairfax Financial Holdings Ltd. will acquire controlling interest in its overall business.
Peak Achievement Athletics Inc. did not reveal the value of the deal, but says the transaction will hand Fairfax an equity interest previously owned by asset management company Sagard Holdings Inc.
Peak expects the transaction to close in the fourth quarter, when Fairfax will assume oversight of Bauer and Peak’s Cascade Lacrosse and Maverik Lacrosse bands.
Fairfax and Sagard acquired Bauer out of bankruptcy in 2017, paying $575 million for the sports equipment manufacturer.
Bauer’s history dates back to 1927, when the company says it developed the first skate by strapping a blade to a foot. The brand has since become a staple at arenas with its vast array of products used by NHL stars.
Fairfax is a holding company that has dabbled in consumer goods through stakes it has held in Toys “R” Us Canada, Sporting Life, Golf Town and Recipe Unlimited Corp. It recently announced a deal to buy Sleep Country Canada Holdings Inc.
This report by The Canadian Press was first published Sept. 30, 2024.
Companies in this story: (TSX:FFH)
Tara Deschamps, The Canadian Press