Performance Sports Group sold to stalking horse bid after no other offers emerge

Performance Sports Group, the sports apparel company that owns Bauer and Easton, has struck a deal to sell itself to its largest investor Sagard Capital, and Toronto-based investment fund Fairfax Financial for $575 million after no other offers to buy the company emerged during a sale process.

The sports apparel company has been trying to restructure itself under a growing debt load since last year, when word of a stalking horse bid from the company's largest shareholder emerged in October.

A stalking horse bid is so-called because it's an offer to buy the company's assets which could be beaten by someone else, but serves as a floor for subsequent offers. A sale process was planned through which other interested parties could put in an offer, culminating in an auction at the end of this month.

"As no qualified bids were submitted by thedeadline, the auction scheduled for January 30, 2017 will not be held," Performance Sports said in a release Thursday.

In August, former company chairmanGraeme Roustan said he was considering buying the company,but no firm offer emerged.