LOS ANGELES (BRAIN) — Amer Sports has agreed to sell its Mavic cycling business to Regent, a U.S. private equity firm.
Amer, which owns a variety of brands including Salomon, Arc'teryx, Peak Performance, Atomic, Suunto, Louisville Slugger, Wilson and Precor, had announced last year that it was exploring options to divest itself of Mavic. Amer is currently in the process of being acquired by an investment group led by Chinese athletic footwear brand Anta. Amer recorded its cycling business as a discontinued operation for its full year 2018 financials.
Enve, part of Amer's cycling business, was not sold to Regent.
Amer said it expects to close the sale of Mavic to Regent by the second quarter this year.
"As part of our strategy we continue to focus the Group portfolio and capabilities toward 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 3% 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 realized as part of Regent," said Heikki Takala, the resident and CEO of Amer Sports.
Regent has acquired an array of brands across industries in recent years.
