Legal counsel include Norton Rose Fulbright, Cassels, BD&P, Stikeman Elliott, Torys
Deal: Canadian Tire sells Helly Hansen to American clothing firm Kontoor Brands
Value: $1.28 billion
Canadian Tire’s $1.28 billion sale of outdoor apparel brand Helly Hansen to Kontoor Brands tops this week’s deals roundup. Norton Rose Fulbright, Cassels, BD&P, Stikeman Elliott, and Torys are among the legal counsel involved.
Canadian Tire Corporation (CTC) has agreed to sell its outdoor apparel brand, Helly Hansen, to Kontoor Brands Inc., the owner of Wrangler and Lee, in a transaction valued at approximately $1.28 billion.
Norton Rose Fulbright Canada LLP is serving as legal counsel to CTC, with Goldman Sachs & Co. LLC as the exclusive financial advisor.
Foley & Lardner LLP is serving as legal counsel to Kontoor, with Morgan Stanley & Co. LLC as financial advisor.
"As our strategy becomes more singularly focused on great Canadian retail, it is time to pass this iconic brand into global hands," said CTC president and CEO Greg Hicks. "For six years, we have been proud stewards of Helly Hansen, expanding its popularity and foothold into more parts of the world – increasing sales, brand awareness and elevating value in the process. This divestiture unlocks that value for our company and shareholders."
“Helly Hansen is an iconic brand with a rich heritage in technical and outdoor performance wear,” said Kontoor Brands CEO Scott Baxter. “This acquisition allows us to expand our portfolio into the premium outdoor apparel category, complementing our existing brands and providing new opportunities for global expansion.”
The deal is expected to be completed in the second quarter of 2025, subject to regulatory approvals and customary closing conditions
Maverick Aviation Group Limited, a leading provider of aviation maintenance and inspection services, has acquired Vision Inspection Services Canada Inc. (Vi-Scan), a non-destructive testing (NDT) specialist based at Calgary International Airport. The strategic move aims to expand Vi-Scan’s capabilities across Western Canada. The financial terms of the transaction were not disclosed.
Cassels Brock & Blackwell LLP is serving as legal counsel to Maverick. Fletcher Law is serving as legal counsel to the selling shareholders, Susan Yeo and Dani Sutton.
Maverick, which recently expanded through Bristow Instruments (1977) Ltd., now offers NDT and tool calibration services at Edmonton International Airport (YEG), Calgary International Airport (YYC), and Kelowna International Airport (YLW), with further expansion planned.
"The NDT sector is vital to ensuring the safety of passengers, crew, and aircraft," said Maverick President Trevor Rehberg-Besler. "We are excited to collaborate with the Vi-Scan team to expand local NDT services to every major airport in Western Canada."
The deal is expected to close in the first half of 2025, subject to regulatory approvals and customary closing conditions.
Obsidian Energy Ltd. has agreed to sell its operated Pembina assets to InPlay Oil Corp. in a transaction valued at approximately $320 million. The deal is expected to enhance InPlay’s production capacity and expand its presence in Alberta’s Cardium formation.
Burnet, Duckworth & Palmer LLP and Stikeman Elliott LLP are acting as legal counsel to Obsidian Energy, with RBC Capital Markets as the exclusive financial advisor.
Torys LLP is serving as legal counsel to InPlay, with ATB Capital Markets, TPH&Co. (Perella Weinberg Partners), and National Bank Financial Inc. as financial advisors.
Proceeds from the deal will reduce Obsidian’s net debt from $412 million to approximately $192 million, strengthening its financial position.
"Pro forma, Obsidian Energy will have a production base of over 29,000 boe/d (based on estimated fourth quarter 2024 production) with Peace River now becoming our largest asset, where we will continue to execute on our growth plan and further grow our Clearwater and Bluesky production.” Said Obsidian Energy president and CEO Stephen Loukas. “Our Willesden Green and Viking light oil assets will continue to generate stable production and free cash flow to support Peace River's development while maintaining optionality of growing both assets during periods when commodity prices and returns are conducive to doing so. We also expect to secure additional future share price appreciation from our InPlay Share position as the addition of the Pembina Assets is both financially and strategically accretive to InPlay. During the second half of 2025, Obsidian Energy will consider different monetization options for our InPlay Share position with the goal of recycling that capital."
The deal is expected to close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions.
