The Japanese sporting goods provider Asics Corporation has separated from its Swedish subsidiary Haglöfs AB.
All shares in the outdoor outfitter, which has been part of the group since 2010, have been sold to a company owned by the Hong Kong-based investment firm LionRock Capital GP Limited, Asics announced on Monday. The companies involved did not publish financial details of the transaction.
Asics justified the sale with the strategic goal of wanting to concentrate its resources on selected categories in the future and in particular on the core business in the running sector. The Haglöfs brand, founded in 1914, has been successful in recent years, but now needs investment from a new partner in order to advance its further development, the group explained.
Daniel Tseung, the founder of LionRock Capital, justified the purchase by saying that Haglöfs “fits seamlessly into the portfolio” of the investment house. The goal is to acquire established, traditional brands that offer leading products in their segments. In spring 2021, LionRock had already secured a majority stake in the British shoe supplier Clarks.