Although financial terms of the deal were not disclosed, reports last year – which also confirmed Blackstone and Carlyle were looking at the business – valued the company at over NOK2bn ($348m).
Altor Fund II will retain 25 per cent ownership of the business.
Since Altor’s NOK800m acquisition in 2006 Helly Hansen has improved profitability from loss making, expanded its geographic footprint and developed new product categories, leading to double digit growth in recent years.
Helly Hansen’s professional business, mainly providing helicopter transportation suits, was sold to Montagu Private Equity last year for a reported value of NOK800m to focus the business on sport and workwear.
In 2011 the company, which employs over 500 people, posted revenues of NOK 1.576m ($259m).
“Getting OTPP on board as majority owners will provide us with expertise, global relationships and financial resources to further grow the company, especially in North America,” said Helly Hansen CEO Peter Sjölander.
“Our ambition to become ‘a billion dollar brand’ remains.”
Robert W Baird, ABG Sundal Collier, Wiersholm and PwC advised Altor on the deal.
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