SCARBOROUGH, Maine — Nike is close to selling the Cole Haan brand to a private equity firm in a deal estimated to be worth $500 million, according to the The New York Times.
Oregon-based Nike acquired Cole Haan, which is headquartered in Scarborough and New York City, in 1988 for $80 million.
Apax Partners is said to be the private equity firm buying Cole Haan, sources close to the matter allegedly told the NYT. The deal could be announced as early as next week.
Calls to Cole Haan’s office in Scarborough were directed to Charlie Brooks, Nike’s senior director of global communications.
“We don’t have any specifics to share other than to say we’re continuing the process of identifying buyers for Cole Haan and preparing the business for sale. The sale process is on track, with multiple prospective buyers,” Brooks told the Bangor Daily News in an email.
Nike announced six months ago that it planned to seek buyers for Cole Haan and its soccer brand Umbro in an attempt to streamline its product lines.
Cole Haan moved its headquarters from Yarmouth to Scarborough last summer. The company employs 140 people in Maine, according to Brooks
The company has 80 retail locations and posted $535 million in sales in Nike’s last fiscal year, a 3 percent increase over the year before, according to the NYT.