Performance Sports Group Ltd., a leading developer and manufacturer of high performance sports equipment and apparel, today announced that it has completed the previously announced sale of its soccer uniforms assets marketed under the INARIA brand name to an acquisition vehicle controlled by Saverio Michielli, Inaria's co-founder and general manager, for approximately CDN $2.07 million or approximately U.S. $1.58 million, subject to certain adjustments, and the assumption of related operating liabilities.
Established in 1999, INARIA designs and manufactures a full-line of soccer and active apparel, including pro-style jerseys, practice jerseys, socks, warm-up suits and training apparel.
The INARIA business is not included in the previously announced sale of substantially all of the assets of the Company and its North American subsidiaries to an acquisition vehicle co-owned by affiliates of Sagard Holdings Inc. and Fairfax Financial Holdings Limited. The Company anticipates that the completion of the sale to Sagard and Fairfax will occur on or about February 23, 2017, but not later than February 27, 2017, subject to the receipt of applicable regulatory approvals and the satisfaction or waiver of other customary closing conditions.
Performance Sports Group anticipates that its operations will continue uninterrupted in the ordinary course of business and that day-to-day obligations to its employees, suppliers of goods and services and customers will continue to be met through to closing of the sale to Sagard and Fairfax.
About Performance Sports Group Ltd.
Performance Sports Group Ltd. is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel. The Company is the global leader in hockey with the strongest and most recognized brand, and is a leader in North America in baseball and softball. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. In addition, the Company distributes its hockey products through its Burlington, Massachusetts and Bloomington, Minnesota Own The Moment Hockey Experience retail stores. For more information on the Company, please visit www.PerformanceSportsGroup.com.
