NIKE, Inc. (NYSE:NKE) announced today it has reached a definitive agreement to sell its Cole Haan affiliate brand to Apax Partners for $570 million. The transaction is expected to be complete in early 2013.
“The decision to divest of Cole Haan allows us to sharpen our focus on opportunities with the highest potential for strong returns, and to make sure the brands within the NIKE, Inc. portfolio are the most complementary to the NIKE Brand,” said NIKE, Inc. President & CEO Mark Parker.
Alex Pellegrini, a Partner in Apax's Retail & Consumer team, said, "We are excited to partner with Jack Boys to grow the Cole Haan brand in the U.S. and internationally. Cole Haan is an iconic brand with broad consumer appeal and we believe the brand has even greater opportunities in the future. We look forward to investing in the Company to achieve this growth."
On May 31, 2012, NIKE, Inc. announced its intention to divest of Umbro and Cole Haan to sharpen its focus on driving growth in the NIKE, Jordan, Converse and Hurley brands. The sale of the Umbro brand to Iconix Brand Group was announced on October 24 th.About NIKE, Inc. NIKE, Inc. based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE subsidiaries include Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories and Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories; For more information, visit www.nikeinc.com and follow @Nike. About Apax Partners Apax Partners is one of the world's leading private equity investment groups. It operates globally and has more than 30 years of investing experience. Funds under the advice of Apax Partners total over US$35 billion around the world. These Funds provide long-term equity financing to build and strengthen world-class companies. Funds advised by Apax Partners invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. For further information about Apax, please visit: www.apax.com.
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