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Hockey Gear Maker CCM Up For Sale As Private Equity Owner Looks For An Exit

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Customers leave Just Hockey Toronto, a hockey equipment store in the Eglinton Ave. East and Don Mills Road area, on April 15.Fred Lum/The Globe and Mail

The maker of the sticks that National Hockey League stars Auston Matthews, Connor McDavid and Sidney Crosby use to put the puck in the net is up for sale.

On the eve of the NHL playoffs, private equity fund manager Birch Hill Equity Partners has placed CCM Hockey on the auction block. CCM, one of two dominant hockey-gear companies, is expected to fetch a price that is a significant multiple to the $110-million Birch Hill paid for the business seven years ago.

Toronto-based Birch Hill recently hired U.S. Investment bank Robert W. Baird & Co. Inc. To run the potential sale, according to two sources involved in the process. The Globe and Mail is not naming the sources because they are not permitted to speak for the companies.

Birch Hill decided to shop Montreal-based CCM after receiving several unsolicited offers for the gear maker from private equity funds, the sources said. They said there is no guarantee the process will result in a sale. Spokespersons for Birch Hill, CCM and Baird declined to comment.

CCM's potential buyers include sports equipment manufacturers and large private equity funds, according to the sources. One said Birch Hill expects to conclude the process, with or without a sale, by the summer, to avoid a prolonged period of uncertainty around ownership. According to a recent press release, CCM has 500 employees.

Birch Hill acquired CCM from Adidas AG in 2017 as the German manufacturer shifted its focus back to shoes. Baird, an investment bank based in Milwaukee, Wis., advised Adidas on the sale.

At the time, CCM was losing money. In a press release to announce the transaction, Birch Hill said it bought the company because "CCM had a clear path to a better margin profile and had the potential to grow its market share."

Over the past seven years, CCM more than doubled revenues and increased its profit margins by acquiring businesses, including a sports apparel company and skate blade manufacturer. The company now generates $75-million in annual earnings before interest, taxes, depreciation and amortization (EBITDA), according to one of the sources. Private equity-owned companies like CCM tend to sell at a multiple of their EBITDA.

CCM's most profitable business lines are its hockey sticks and apparel, according to one source. A limited edition Auston Matthews Jetspeed stick sells for $499 – with an autograph – while a beer league player can easily spend $300 on a stick made from carbon fibre, Kevlar and other composite materials.

Private equity fund managers like Birch Hill typically acquire a company, spend up to 10 years improving operations, then sell it and return any profits to their backers, while keeping approximately 20 per cent of the gain.

In 1994, veterans of Toronto-Dominion Bank TD-T founded Birch Hill and the company now has $5-billion in capital under management. Over the past three decades, Birch Hill has invested in 71 companies and sold 57 of these businesses.

The Baird investment banker handling the CCM sale for Birch Hill is Joe Pellegrini, a former National Football League lineman who now focuses on mergers and acquisitions involving consumer product companies, one of the sources said.

CCM provides sticks, skates and helmets to roughly 40 per cent of NHL players, along with Professional Women's Hockey League stars such as Sarah Nurse. The company's major rival is Bauer, which also has approximately 40 per cent of NHL pros using its gear. In the past, CCM executives said the hockey equipment business is relatively mature, growing at roughly 2 per cent annually, and the key to success is winning market share from rivals.

The other major hockey stick manufacturer is Canadian Tire Corp. CTC-T -owned Sherwood Hockey, which scored last year by signing up number one draft pick Connor Bedard. Canadian Tire acquired the 66-year-old Sherwood brand in 2018.

Outside CCM, Bauer and Sherwood, the smaller players on hockey rinks include New Balance Inc. And True Temper Sports. According to data service Mordor Intelligence, hockey players around the world spent US$1.9-billion on equipment last year.

CCM's roots go back to 1899, when the company was founded as the Canada Cycle & Motor Co. Ltd. Six years later, CCM pivoted into hockey equipment, using scrap metal from its bike and auto parts factories to make skate blades. By the 1930s, CCM dominated the market: 90 per cent of hockey players wore its skates.

In 2004, Reebok purchased CCM for US$400-million, including debt. The next year, Adidas bought Reebok.

CCM rival Bauer, founded in Kitchener, Ont., in 1927, also returned to Canadian hands after being owned by a global shoe company and a private equity fund.

In 1995, Nike Inc. Acquired Bauer and the Cooper sports brand for US$395-million. In 2008, the shoe company exited hockey by selling Bauer to a group led by Canadian businessman Graeme Roustan and U.S. Investment firm Kohlberg & Co. For US$200-million. The company went public in 2014.

In 2017, Peak Achievement Athletics Inc. Acquired Bauer. Peak is a partnership between Montreal-based Power Corp. Subsidiary Sagard Holdings Inc. And Fairfax Financial Holdings Ltd., headquartered in Toronto.

Boys Hockey: Longtime Chippewa Falls Coach Scott Parker Retiring After 37 Years Leading Program

Scott Parker smiles as he stands by a wall with every team photo from throughout his tenure as Chippewa Falls boys hockey coach on Thursday afternoon at Chippewa Area Ice Arena. Parker is retiring as Cardinals coach after 37 years leading the program.

BRANDON BERG, River Valley Media Group

Scott Parker is retiring after 37 years leading the Chippewa Falls boys hockey program.

Parker announced his decision to several Chippewa Valley media members on Thursday afternoon at Chippewa Area Ice Arena. The longtime coach recently completed his 38th season overall with the program — with all but one as its head coach — leading the Cardinals to the Division 1 state tournament this winter. Parker posted a 461-378-30 record for his career and led Chippewa Falls to the state tournament on seven different occasions.

Parker recently returned from a vacation and as some emails for summer work started flowing in, the longtime coach knew it was time.

"It just all added up," Parker said. "With the conversations I was having, I'm pretty confident I've made the right decision, even though I'm sad."

As Parker weighed the decision following the end of last season, he had several key conversations. Former Eau Claire Memorial coach Mike Schwangler told Parker if he retired it would be good to have a good cry, but that the sun would come up tomorrow. Parker also had a conversation with his brother John, also a coach.

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"It's time for me to move on," Parker said.

The Chippewa Herald sports cover of the first team preview story as Parker took over the program as head coach in 1987.

'I got hooked right away'

After a strong high school playing career at White Bear Mariner (Minn.), Parker joined the UW-Eau Claire men's hockey team, where he had a stellar career with the Blugolds. With UW-Eau Claire from 1981-84 and 1985-86, Parker ranks among program leaders in games played in a single season (32) and was part of the program's 1984 NAIA national championship team. As a defenseman, Parker was the most valuable player at the NAIA tournament in 1984 and a two-time NAIA All-American.

Parker already had an accomplished hockey resume before joining the Cardinal program as an assistant coach under Kevin Williamson in 1986. Williamson was a teammate of Parker with the Blugolds and convinced Parker to join the staff.

At the time Parker, had never been to Chippewa Falls, but it didn't take long to see how much coaching would become a part of his life.

"My poor wife, I got hooked right away and once I did that, there was no going back," Parker said. "We moved up here, became part of the community and I learned as I went, which nowadays I think that would be a lot harder. But you learn from mistakes."

When Parker took over for Williamson, the program was coming off its first sectional appearance and the team continued its ascent in the next year in advancing to the state tournament with a 6-1 sectional championship victory over Rice Lake. One year, later the Cardinals captured the program's first-ever Big Rivers Conference title before returning to state with a 3-2 victory over Eau Claire North. State berths followed in 1993, 1994 and 1999, with the team earning its first victory at state in 1999, a 3-2 win over Milwaukee Marquette.

Chippewa Falls has been a constant contender in the Big Rivers and in more recent years returned to state, first in 2020 to the Division 1 tourney after a 2-1 win over Hudson and this past season after shutting out Stevens Point 4-0.

But for Parker, the success of his years isn't defined by victories.

"Yeah it's great to win, but in '09 we went 3-19. Those guys are just as important as a Big Rivers championship team," Parker said. "These kids have got to go on, work, have families, do their thing and I think that's the hardest thing to walk away from because I really enjoy those relationships."

Parker and the Cardinals saved one of their best seasons for what ended up being the coach's last. Chippewa Falls went unbeaten in Big Rivers play on the way to the program's second league title, spent the season ranked within the Wisconsin Prep Hockey Division 1 state poll, including ending the regular season ranked No. 1 before reaching the state tournament for a seventh time, and ended with a record of 24-4, falling in overtime to Burlington East in the state semifinals.

For his efforts, Parker was named the Wisconsin Hockey Coaches Association Coach of the Year.

"Our high school team really did the best they could," Parker said of his final season. "You can't take away anything from those kids because they left it out there, and sometimes it just doesn't work out and that's just the nature of sports. You can't just assume you're going to win or assume you're going to be good. You have to work for it and after this great year, we ran into seven minutes of some tough times. We can live with that.

"That's not the reason I'm retiring. The reason I'm retiring is I've had enough coaching. I've done what I could do here, and I'm moving on. That's tough to do."

Chippewa Falls coach Scott Parker stands with members of the 1987-88 state boys hockey team on Jan. 19, 2019 at Chippewa Area Ice Arena.

BRANDON BERG, River Valley Media Group

'He instilled another work level for us'

Parker's first win on the bench as head coach for the Cardinals was a 3-1 victory over D.C. Everest on Dec. 3, 1987, at Chippewa Area Ice Arena. Mike Elkin had a front row seat in the win as a senior defenseman on the team, scoring the first goal of the Scott Parker era.

Elkin went on to have a successful coaching career of his own and said the two years he spent with Parker as a coach were a big reason why.

"When I was a junior, we connected on a relationship standpoint, and he was the fun coach," Elkin said. "Senior year I remember him basically telling us he's no longer Ogie Ogilthorpe (from Slapshot), he's coach Parker and just the work ethic — I think we had a number of good hockey players — but he instilled another work level for us."

It's not a surprise that an old defenseman prioritized defense when he took over the Cardinals in the late 1980s, moving the team from the European style of play which prioritized passing, skating and playmaking to the Canadian style, which leans on checking and physicality. Parker has also prioritized a team-based style of game.

Scott Sikkink played for Parker until graduating in 2002 and later was an assistant coach on his staff from 2010-22. Sikkink said he learned to play the game "the right way" from Parker and said the coach excelled at bringing groups together to not only succeed but make memories along the way.

"For him it was truly always about the team, and I think that's really important because the way sports are individualized today, even for the team games — all the extra training and things kids are active through — getting to come together as a team and accomplish something, he could teach a master's class how to do," Sikkink said.

That team focus came through Parker's approach of being tough, but fair and always honest.

"He's a no-nonsense guy, but he's still got a soft heart," Sikkink said. "He's a good person, but he's open and honest about the way things are at all times. It's something that's rare these days, and I definitely appreciated it both as a coach and a player."

Parker quickly learned the importance of how being a teacher is a big part of being a successful coach.

"The players were the most rewarding part about being here," Parker said.

Chi-Hi head coach Scott Parker (left) and assistant coach Scott Sikkink (right) stand on the bench during a game against Eau Claire Memorial on Dec. 30, 2020 at Chippewa Area Ice Arena.

BRANDON BERG, River Valley Media Group

'It's a family affair'

Scott and his two brothers, Jeff and John, were introduced to the sport of hockey by a neighbor. Mr. Olson told the brothers' father to get all three brothers skates, and a lifetime passion was born.

"We all got sticks, skates, helmets and outside mouth guards and went down to outdoor rink and learned to play hockey," Parker said.

All three went on to play college hockey.

John played more than 100 games at the University of Wisconsin before getting into coaching, while Jeff played three seasons at Michigan State before a five-year pro career with the Buffalo Sabers and Hartford Whalers.

But any longtime coach also must have the support from the rest of the family, and Parker had that in spades from his wife, Susan, their children and many more.

"I appreciate my wife, and she was there with me," Parker said. "She's a Manitowoc girl, so she had no idea what hockey was about."

Coming from a hockey family, Parker has been able to appreciate that aspect of the game in his nearly four decades with the Cardinals. He's coached several pairings of fathers and sons and knows as well as anyone how much of a family sport hockey is.

"It was just fun growing up playing hockey, and I think when I see families come to the rink (like) the Steinmetzs or the Kristas, it's a family affair," Parker said. "It gets in your blood and all of a sudden you're pulling for your brother. You want what's best for them."

A successful program does not thrive from a head coach alone.

As Parker prepares to move on to the next chapter of his life he has plenty to be grateful for. The relationships forged through his work as a coach — be it from other coaches, assistant coaches working with Parker and the Cardinals, volunteers at the Chippewa Area Ice Arena, school administration over the years including most recent Chi-Hi activities director Mike Thompson, area equipment businesses or even the media — are ones Parker doesn't take for granted.

"It's been a great ride, it's been a fun experience," Parker said. "Was it perfect? No. But I'm the first to say that I made a mistake, and I can do better. I'm looking forward to watching the Cardinals from afar and just trying to figure things out as next fall rolls around."

Chippewa Falls coach Scott Parker calls a timeout during a game against Hudson on Nov. 29, 2018 at Chippewa Area Ice Arena.

BRANDON BERG, River Valley Media Group

'Big shoes to fill'

Now as a retired educator and coach, Parker will have much more time on his hands.

But Parker still has plans to stay active, including some skating with the team at his alma mater UW-Eau Claire, where Parker said 17th-year Blugolds coach Matt Loen has done an "awesome job."

Thompson said it has been an honor to work with Parker during his tenure as activities director. In addition to Parker stepping away, Parker also said assistant coaches Bob Thorp, Austin Redders, Chase Hoople and Austin Taylor will be leaving the program. Thompson said the process of finding a new coach will begin immediately, and he's hopeful to have a new head coach in place by the Fourth of July.

"Thirty-seven years in a sport like hockey, there's a lot of ups and downs, and I think coach Parker and all his staffs have done it the right way," Thompson said. "But any season or any game it's like a roller coaster. I've been able to work with him for eight years. He is who he is. He's a family person, he respects all the kids. When the scoreboard's on we're trying to win but honesty and truth and the consistency and the standards are what the culture and I think his culture and standards are very, very high."

Sikkink said Parker has left a "tremendous footprint" on the sport of hockey in Chippewa Falls.

"It's going to be big shoes to fill, whoever comes in after him," Parker said. "He's done a tremendous job over the tenure of his 37 years and Cardinal hockey wouldn't be what it is today without him."

Parker's legacy isn't limited to victories or conference championships or state tournament appearances. It can be seen in the teaching and development of the players to come through the program — an impact those players are still grateful for to this day.

"A person from my lens, I think of when you commit you commit and when you're dedicated you better be dedicated," Elkin said of Parker. "He pushed me to another level on that part, and I feel like I've carried part of that with me the rest of my life."

Collection: Relive the Chi-Hi boys hockey team's previous sectional championships Feb. 29, 1988 Inside Page Feb. 27, 1989 Inside Page Feb. 28, 1999 Inside Page March 2, 2020 Inside Page IN PHOTOS: Chi-Hi boys hockey battles Brookfield in Division 1 state semifinals 3-1-24 Division 1 Boys Hockey State Semifinals: Chi-Hi vs Brookfield 3-1-24

Bret Carlson (15)