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Nike Sells Cole Haan To Apax Partners | Rumor

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The label established by Trafton Cole and Eddie Haan 84 years ago might have a new home soon. First reported by Reuters and unofficial at this time, there are reports that a deal is near for Nike to sell its Cole Haan divison to Apax Partners, a private equity firm based in London and New York. While negotiations are still ongoing, if both sides agree, an official announcement of the purchase could come next week. Since Nike placed it and UMBRO (which was sold to Iconix Brand Group for $225 Million) up for sale nearly six months ago, a bidding war ensued among the various private equity firms and investors for the more valuable Cole Haan brand. At first, TPG Capital thought to be the likely contender since Matthew Rubel, Cole Haan's former chief executive, was one of its adviser. But in the end, Apax Partners outmaneuvered it, Sycamore Partners, and several others. If the sale is finalize, Apax Partners, which once owned Tommy Hilfiger and Van Heusen, will be paying about $500 million dollars for Cole Haan. As for the all-important Nike technologies used by Cole Haan, such as Nike Air and Lunarlon sole on the popular LunarGrand Collection, they are likely to be license from Nike after the sale.