Report: Adidas sells CCM Hockey to Toronto-based private equity firm

As Adidas rolls out its new NHL sweaters for the upcoming 2017-18 season, the company has reportedly decided to cut loose Canadian equipment maker CCM Hockey.

Adidas has sold its CCM Hockey business to Toronto-based Birch Hill Equity Partners for $110M. pic.twitter.com/EzHx1S62Ef

- Darren Rovell (@darrenrovell) July 27, 2017

Reebok acquired CCM Hockey in 2004 and Adidas took over control of both companies the following year. According to Adidas' annual report, net sales for CCM Hockey fell nearly 14 percent from 2015 to 2016. CCM Hockey president Philippe Dube told The Globe and Mail's Josh O'Kane that the brand had tripled in market share over the previous three years and was No. 2 in the Canadian equipment market as of 2016.

Birch Hill describes itself as "Canada's leading mid-market buyout firm" and has partnerships with companies involved in software, telecom, agriculture, and more.

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