The Ontario Teachers’ Pension Plan is dressing up its investments.
The pension giant is acquiring a 75% stake in Norwegian clothing designer Helly Hansen Group AS from Altor Fund II, which is keeping a quarter stake in the company.
The two sides aren’t disclosing the financial terms of the deal, but Reuters reports that a source familiar with the deal said Teachers’ paid more than NOK 2 billion (C$326 million) for the stake.
Helly Hansen is headquartered in Oslo, Norway, and designs and markets outdoor apparel. In 2011, the company had revenues of NOK 1,576 million (C$265 million). It employs 500 people.
“Helly Hansen is an iconic brand with a long heritage and a strong commitment to innovation and design,” said Jo Taylor, vice-president of Teachers’ Private Capital and head of Teachers’ London office. “We see excellent opportunities to continue growing revenues and international awareness outside the core European markets.”