World’s Biggest Ski Gear Manufacturer Looks Set to Be Sold To Group Led By Chinese Buyers
16th December 2018
Category : News
The Finnish based business known as Amer that owns the former companies, now brands, that include Salomon, Arc’teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor looks set to be sold to a Chinese group.
A consortium led by China’s Anta Sports is reported to have made a cash offer for the business of €4.6 billion and Amer’s board is recommending to shareholders that they approve the offer. The consortium plans to operate Amer Sports independently from Anta, with a separate board of directors.
The consortium, known as Mascot Bidco Oy, which wishes to buy Amer, does not appear to be all Chinese though. It also includes three other companies called FountainVest Partners, Tencent and Anamered Investments. The latter company is opened by Canadian billionaire Chip Wilson.
A statement on the proposed takeover, which values Amer at considerably more than the current market rate, stays,
“The Investor Consortium intends to invest significant time, resources and effort in helping Amer Sports to accelerate several important ongoing and new strategic initiatives under private ownership, including expanding Amer Sports’ businesses in the Chinese market.”
“This includes investing capital and resources in product development and human talent on a global basis to provide Amer Sports’ existing management team and employees with the optimal platform from which to implement its medium- to long-term strategic plans. In doing so, Amer Sports will not only grow into a broader platform for Amer Sports’ employees to thrive on, but will also form stronger, mutually beneficial partnerships with all its stakeholders.”
The Investor Consortium currently expects to retain Amer Sports’ corporate head office in Helsinki after the completion of the Tender Offer.
“We are delighted about the opportunity to invest in Amer Sports, a leading sporting goods company with a strong portfolio of internationally-recognized brands. . In particular, we are excited to bring these premium international brands and products to Chinese consumers, who increasingly seek high-end products with outstanding qualities and heritage in various niche and specialized sports segments,” said Mr. Ding Shizhong, Chairman and CEO of ANTA Sports.
A final decision on the sale of Amer looks set to be made by early March 2019.