Pon Holdings B.V. completed the acquisition of Dorel Sports from Dorel Industries Inc. (TSX:DII.B).
January 03, 2022
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Pon Holdings B.V. entered into a definitive agreement to acquire Dorel Sports from Dorel Industries Inc. (TSX:DII.B) for $810 million on October 8, 2021. Dorel Sports had sales of $1.2 billion. The purchase price is subject to adjustments. The transaction is subject to applicable governmental authorities, satisfaction or waiver of closing conditions contemplated by the share purchase agreement, including receipt of applicable regulatory approvals and the absence of any material adverse changes with respect to Dorel Sports until closing. The sale has been unanimously approved by Dorel's and Pon's Board of Directors. The sale of Dorel Sports is expected to close before the end of the first quarter of 2022. Dorel expects to use the net proceeds from the sale of approximately $735 million (subject to closing adjustments) to reduce indebtedness, return capital to shareholders and for general corporate purposes. Pon.Bike is expecting the acquisition will allow to generate an expected annual revenue of $2.9 billion.
Baird Global Investment Banking and BMO Capital Markets acted as financial advisors and Neil Wiener, Simon Bisson and Antonio Di Domenico of Fasken Martineau DuMoulin LLP acted as legal advisor to Dorel and Lazard acted as financial advisor and Goodmans LLP acted as legal advisor to Pon Holdings in connection with the sale of Dorel Sports. Bart de Klerk, Rob van Veldhuizen, Franz-Ewald Mitterdorfer, Ruben Emmink, Pim van der Velden and Arjan van der Lee of ING Groep N.V. (ENXTAM:INGA) acted as financial advisors to Pon Holdings.
Pon Holdings B.V. completed the acquisition of Dorel Sports from Dorel Industries Inc. (TSX:DII.B) on January 4, 2022. At closing, Dorel received net proceeds from the sale of approximately $735 million, which Dorel will use for payment of a special dividend of $12 per share described below and to reduce indebtedness.
Dorel Industries Inc. is a Canada-based global consumer products company. The Company designs, manufactures or sources, markets, and distributes a diverse portfolio of product brands through its Dorel Home and Dorel Juvenile segments. The Dorel Home segment is engaged in the sale of ready-to-assemble furniture and home furnishings, which include metal folding furniture, futons, children's furniture, step stools, hand trucks, ladders, outdoor furniture, and other imported furniture items. The Dorel Home segment's brands include Maxi-Cosi, Tiny Love, Infanti, Safety 1st, Bebe Confort, Quinny, and Cosco. The Dorel Juvenile segment is engaged in the sale of childrenâs accessories, which include infant car seats, strollers, high-chairs and infant health and safety aids. The Dorel Juvenile segment's brands include DHP, Signature Sleep, Little Seeds, Ameriwood Home, Cosco Home & Office, Queer Eye, Cosmo Living, Novogratz, Real Rooms, Mr. Kate, Baby Relax, Alphason, Bertini, Ntense, and Notio.
DOREL INDUSTRIES INC. 
