- Transaction could value the company as $1 billion, person says
- Roustan working with Jeffries, JPMorgan, and Canaccord
W. Graeme Roustan, former chairman of Performance Sports Group Ltd., has hired bankers to explore taking the company private in a transaction that could value the firm at as much as $1 billion, according to a person familiar with the matter.
Roustan has been working with Jefferies Group, JPMorgan Chase & Co., and Canaccord Genuity Group since 2013 and has been speaking with several Wall Street private equity firms and Canadian pension funds about a potential bid for the company, which manufacturers performance sport equipment, including the Bauer and Easton brands, the person said.
A bid could value the Exeter, New Hampshire-based company at as much $1 billion, said the person who asked not to be identified because the matter is private. The financing is still being arranged and an official offer has yet to be made, the person said.
Performance Sports jumped 13 percent to $14 in the U.S. after the New York Post reported Roustan wants to bid for the company. The shares had declined 31 percent in the year through Sept. 24 as the Canadian dollar dragged on the value of its sales in the country, which accounted for about a third of its revenue last year.
Performance Sports said in statement it had not received any proposal or communication from Roustan concerning a potential bid for the company.
Roustan, who holds about 1.3 percent of the Performance Sports shares, said in a statement Friday he was no longer seeking a seat on the company’s board after his appointment was opposed by the board.
A spokesman for Roustan declined to comment on a potential bid for the company, as did representatives for Jefferies, Canaccord, and JPMorgan.