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Performance Sports Group Completes Sale of Substantially All of Its Assets to Investor Group Led by 28, 2017 /CNW/ Performance Sports Group Ltd.
("Performance Sports Group" or the "Company") announces the completion of the sale of substantially all of the assets of the Company and its North American subsidiaries, including its European and global operations (the "Sale"), to an acquisition vehicle co owned by affiliates of Sagard Holdings Inc. and Fairfax Financial Holdings Limited (the "Purchaser"). The new, privately held company will be a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel. Its products will be marketed under the BAUER, MISSION, MAVERIK, CASCADE and EASTON brand names and will be distributed by louis vuitton purses craigslist sales representatives and independent distributors throughout the world. Harlan Kent, who previously served as the Chief Executive louis vuitton shoes 41 Officer of Performance Sports Group, will continue to lead the business on an interim basis while a search for a permanent CEO is underway. Code. court proceedings. The bid made by the Purchaser served as the "stalking horse" bid for purposes of the process and top 3 louis vuitton bags was ultimately determined to be the successful bid in accordance with the related court approved bidding procedures. The courts approved the Sale and associated reorganization transactions pursuant to orders dated February 6, 2017 and supplemented on February 10, 2017. Paul Desmarais III, Executive Chairman of Sagard Holdings, will serve as chairman of the new company as it transitions to new leadership. He said: "We are excited to build upon the achievements of some of the most innovative and iconic brands in sports. In partnership with Fairfax Financial, we look forward to growing a strong business that is committed to serving a loyal base of customers for the long term. We thank all of Performance Sports Group's people, and especially Harlan Kent, for effectively managing the business through the restructuring process and helping to position it for future success." Paul Rivett, President of Fairfax Financial, said: "The business is founded upon the strong pillars of its portfolio of industry leading brands, strong customer relationships and dedicated employees. We will work with Sagard Holdings and the management team to continue innovating and delivering industry leading products to consumers around the world. We believe that the business has a very bright future and we are excited to help guide the company for many years to come." Kent said: "During the restructuring process, our team worked very hard to continue to provide outstanding products and service to our customers and to be valued partners to our vendors. I am grateful for the hard work and dedication of my colleagues and for the continued support of our customers and vendors. We look louis vuitton neverfull how to spot a fake forward to working with the new owners to transition the business to its next successful chapter." Following closing of the Sale, Karyn O. Barsa, C. Michael Jacobi, Harlan Kent and Bob Nicholson have resigned from the board of directors of the Company. Bernard McDonell, Chairman of the Board of Performance Sports Group, said: "On behalf of the board, we would like to thank the retiring directors, Harlan, and all the Company's employees for their contributions to bringing this sale to completion. and Canadian bankruptcy proceedings. and Canadian proceedings, through a liquidating plan or otherwise. court proceedings. Centerview Partners LLC is serving as strategic financial advisor and investment banker; Alvarez Marsal is serving as restructuring professional, and Brian J. legal advisors, respectively, to the Company.
Bennett Jones LLP is serving as counsel to the independent members of the Company's board of directors. The words "may," "will," "would," "should," "could," "expects," "plans," "intends," "trends," "indications," "anticipates," "believes," "estimates," "predicts," "likely" or "potential" or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward looking statements. Forward looking statements, by their nature, are based on assumptions, which, although considered reasonable by the Company at the time of preparation of such disclosure, may prove to be incorrect, and are subject to important risks and uncertainties.
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