Altor to Sell Helly Hansen

Private Equity firm Altor is seeking to sell Norwegian specialty clothing firm Helly Hansen in a deal which could be worth over 2 billion Norwegian crowns ($348.2 million), daily DN quoted a senior Altor executive as saying, reports Reuters. Potential suitors could include firms such Blackstone or the Carlyle Group, while a handful of industry players are also seen interested, the paper added without providing sources, writes Reuters.

(Reuters) – Private Equity firm Altor is seeking to sell Norwegian specialty clothing firm Helly Hansen in a deal which could be worth over 2 billion Norwegian crowns ($348.2 million), daily DN quoted a senior Altor executive as saying.

“The company is worth what a buyer is willing to pay, but based on the average transaction in this business, that amount (2 billion crowns) sounds about right,” said Hugo Maurstad, a partner in Altor and the head of its Oslo office.

“If we get paid for the synergies and growth we have created, we should end up with over 2 billion crowns,” he added.

Potential suitors could include big private equity firms like Blacktone or the Carlyle Group, while a handful of industry players are also seen interested, the paper added without providing sources.

Altor could not immediately comment.

The sale would come a year after Helly Hansen sold Helly Hansen Pro, a subsidiary focusing on survival suits, boat canopies and textile-based products for agriculture, industry and health sectors, to Montagu Private Equity, reportedly for 800 million crowns.