NEW YORK, Feb. 6, 2017 /PRNewswire/ - Sagard Capital Partners, L.P. and certain of its affiliates (collectively, "Sagard Capital") issue this press release pursuant to applicable requirements of Canadian securities laws to announce that Performance Sports Group Ltd. (the "Issuer") has disclosed in its press release dated February 6, 2017 that (i) the Issuer has obtained Court approval for the sale of substantially all of the assets of the Issuer and its North American subsidiaries to 9938982 Canada Inc. (the "Purchaser"), an acquisition vehicle co-owned by Sagard Capital and Fairfax Financial Holdings Limited ("Fairfax Financial"), pursuant to the terms of an asset purchase agreement, and (ii) the Issuer anticipates that the completion of the sale contemplated by the asset purchase agreement will occur on or about February 23, 2017, but not later than February 27, 2017, subject to the receipt of applicable regulatory approvals and the satisfaction or waiver of other customary closing conditions.
Information Relating to the Issuer
Certain information in this press release about the Issuer and the Issuer's restructuring process, including forward-looking information within the meaning of applicable securities laws, has been derived from the Issuer's press release dated the date hereof and filed under the Issuer's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov (the "Issuer Press Release"). Forward-looking statements, by their nature, are based on assumptions (including those disclosed in the Issuer Press Release) that may prove to be incorrect, and are subject to important risks and uncertainties (including those disclosed in the Issuer Press Release). As noted in the Issuer Press Release, while the sale order was received today, the Courts will continue on Wednesday, February 8, 2017 to consider a limited objection related to the assignment to the Purchaser of a license and related agreements with Q30 Sports, LLC. The assignment of this license and related agreements is a condition to closing.
The Issuer's head office is located at 100 Domain Drive, Exeter, New Hampshire, U.S.A., 03833.
About Sagard Capital
Sagard Capital Partners, L.P., Sagard Capital Partners GP, Inc., Sagard Capital Partners Management Corp., Sagard Holdings Inc. and the Purchaser issue this press release pursuant to applicable requirements of Canadian securities legislation.
Sagard Capital continues to beneficially own and control an aggregate of 7,721,599 common shares of the Issuer ("Shares"), representing approximately 16.9% of the issued and outstanding Shares. Fairfax Financial has informed Sagard Capital that it does not have ownership or control over any Shares as of the date hereof.
Sagard Capital Partners, L.P. is the direct owner of the Shares reported herein as being beneficially owned and over which control is shared by the entities comprising Sagard Capital. Sagard Capital Partners, L.P. is principally engaged in the business of investing in securities. Sagard Capital Partners GP, Inc. is the general partner of Sagard Capital Partners, L.P. Sagard Capital Partners Management Corp. is the investment manager of Sagard Capital Partners, L.P. Sagard Holdings Inc. is a limited partner of Sagard Capital Partners, L.P. and the sole stockholder of Sagard Capital Partners Management Corp. The Purchaser is co-owned by Sagard Holdings Inc. and affiliates of Fairfax Financial. Each entity comprising Sagard Capital is a subsidiary of Power Corporation of Canada, in which a controlling voting interest is held by The Desmarais Family Residuary Trust.
Sagard Capital is relying on Part 5 of National Instrument 62-103 in respect of aggregation relief relating to any securities that may be held by Great-West Lifeco Inc. and its subsidiaries, IGM Financial Inc. and its subsidiaries, and any investment fund managed by entities within the Power Corporation of Canada group of companies.
For each of Sagard Capital Partners, L.P., Sagard Capital Partners GP, Inc. and Sagard Capital Partners Management Corp., the principal business address, which also serves as the principal office, is 280 Park Avenue, 3rd Floor West, New York, New York, 10017. For Sagard Holdings Inc., the principal business address, which also serves as the principal office, is 751 Victoria Square, Montréal, Québec, H2Y 2J3. For the Purchaser, the principal business address, which also serves as the principal office, is 161 Bay Street, Suite 5000, Toronto, Ontario, M5J 2S1.
Sagard Capital's strategy is to acquire significant minority or control positions in small and mid-sized companies. It offers a unique and highly differentiated value proposition to companies looking for supportive, long-term shareholders. Based in New York, New York, Sagard Capital is an evergreen fund with an indefinite holding period for its investments. Sagard Capital is purpose-built to be an independent, flexible, supportive partner to management teams focused on building sustainable, leading businesses and generating long-term shareholder value.
In connection with the above, Sagard Capital has filed an early warning report, which updates an earlier report of Sagard Capital dated October 31, 2016, under the Issuer's profile on SEDAR at www.sedar.com.
SOURCE Sagard Capital Partners, L.P.