BEAVERTON, Ore.--(BUSINESS WIRE)--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 24th.
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.