Amer Sports is trimming its portfolio by selling off its Mavic cycling business.
Amer Sports has entered in an exclusivity period with Regent, a US based global private equity firm, for the sale of the shares and related cycling business of Mavic. The sale will now be presented to the relevant employee representative bodies. The deal is expected to be completed during the second quarter of 2019.
The sale of Mavic follows Amer Sports’ comprehensive strategic review process on the Cycling business, which the company announced while updating its strategy in September 2018. The divestment would not have impact on the results of Amer Sports’ continuing businesses. Amer Sports has reported its Cycling business as discontinued operations for full year 2018.
“As part of our strategy we continue to focus the Group portfolio and capabilities towards areas of faster growth, better profitability, and scalability. Over the past cycle we have concluded that we are not the best owner for Mavic which only represented approximately three per cent of our sales and which has distinct business drivers and little synergies vs. the broader Group. We believe that the iconic Mavic brand has strong potential, which would be better realised as part of Regent. Amer Sports continues to capitalise on its strategic priorities, especially Softgoods, Direct to Consumer, China, and United States”, commented Heikki Takala, President and CEO of Amer Sports.