IC Group to divest Peak Performance for DKK 1.9bn to Amer Sports Corp.

Apr 30, 2018, 8:04


The Board of Directors of IC Group has carried out a strategic review process of the fully-owned brand Peak Performance throughout the last six months cf. Company Announcement no. 22/2017 dated 5 October 2017. The purpose of this review process has been to identify whether IC Group – either partial or in full – also served as the best owner of Peak Performance in the future.


With the agreement to sell Peak Performance to Amer Sports Corporation, the process has now been completed. The Board of Directors is most satisfied with the divestment both in terms of selling price and Amer Sports Corporation as the new, best long-term owner of Peak Performance. The selling price amounts to an enterprise value of DKK 1.9bn.


The Chairman of the Board of Directors Peter Thorsen commented;

“It has been a long and thorough sales process with many keen and qualified buyers providing the optimal  terms for the divestment of Peak Performance. Not only did we succeed in negotiating the absolute right price for the asset on behalf of all our shareholders, we also managed to identify the right new, long-term owner. An owner who both has the skills, capacity and resources to accelerate the Peak Performance strategy in order for the brand to exploit its large international potentials as we believe it holds and deserves.”


The President and CEO of Amer Sports Heikki Takala commented;

“In line with our strategy, we accelerate in Softgoods and Direct to Consumer by acquiring Peak Performance, the iconic Swedish premium performance outerwear and streetwear brand. Peak Performance is distinctively positioned versus our current brand portfolio, and it has a strong relevancy in sports fashion, and moreover a significant share of sales in womenswear and direct to consumer. With this acquisition, we take another important step toward our longer term target of bypassing EUR 1.5 billion sales in Softgoods.”


The net cash proceeds from the divestment are expected to amount to DKK 1.7-1.8bn (corresponding to DKK 100-105 per share) subject to final adjustment of, i.e., transaction costs, net working capital and certain net debt items. The net proceeds are expected to be distributed to the shareholders as an extraordinary dividend upon final closing of the agreement. Final closing is expected to take place on 30 June 2018 and is subject to customary closing conditions, including approval from the relevant authorities.


During a transition period of six to twelve months following the completion of the sale, IC Group will continue to provide support and services to Peak Performance on a cost-covered basis.


The impact of the divestment on the future Group strategy

IC Group will continue to operate and invest in the Group’s other brands in order to maximize their future values.

IC Group will on a continuous basis consider when it is in the best interest of the shareholders to divest these brands, and IC Group will act accordingly when the time and conditions are favourable for both the shareholders of IC Group and the brands.


Financial expectations

The content of this announcement is not expected to affect the Group’s expectations for the financial year 2017/18 which runs until 30 June 2018. The most recent financial expectations were announced on 24 April 2018 (Company Announcement no. 5/2018).

Rothschild & Co has acted as exclusive financial advisor to IC Group in connection with the transaction.

IC Group A/S

Peter Thorsen

Chairman of the Board of Directors



Please direct any questions regarding this announcement to:  

Jens Bak-Holder

Head of Investor Relations

+45 21 28 58 32




An audiocast will be held for investors and analysts at 10 a.m. which is accessible on the corporate website at www.icgroup.netunder Investors: https://edge.media-server.com/m6/p/gbj3qjz6. The presentation for this audiocast will be available on the corporate website approx. 30 minutes prior to the meeting.


Investors and analyst may use the below dial-in phone numbers:

Denmark: +45 35 15 80 49

The UK: +44 (0)330 336 9105

The USA: +1 929-477-0448



Peak Performance is Scandinavia’s largest brand within technical sports and fashion wear. The brand has its origin in alpine skiing and was founded in 1986 by three passionate skiers who called for functional skiwear which at the same time was stylish and modern. Since then, Peak Performance has been among the world’s leading brands when it comes to technical, functional sports and fashion wear.

Amer Sports is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc’teryx, Mavic, Suunto and Precor. The company’s technically advanced sports equipment, footwear and apparel improve performance and increase the enjoyment of sports and outdoor activities. The Group’s business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports shares are listed on the Nasdaq Helsinki stock exchange (AMEAS).


This announcement is a translation from the Danish language. In the event of any discrepancy between the Danish and English versions, the Danish version shall prevail.