November 16, 2012
Nike strikes deal to sell Cole Haan for $570M
Nike announced today it has reached a deal to sell Maine-based shoe maker Cole Haan to private equity firm Apax Partners for $570 million.
The Associated Press reported that Nike first acquired the Scarborough-based company in 1988 for around $95 million.
The company, which has about 100 employees in Scarborough, moved its headquarters last year after 35 years in Yarmouth.
Nike first indicated its plan to sell the maker of high-end shoes in May and last month announced its plan to sell its Umbro brand to the Iconix Brand Group Inc. for $225 million.
The AP reported that Nike's shares were up $1.16 or 1.3% just before the stock market opened today.
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