Adidas sells ice hockey brand to Birch Hill for $110 million

German sportswear group Adidas has agreed to sell its CCM ice hockey brand. 

The brand will be sold to an affiliate of Birch Hill Equity Partners for $110 million (83.90 million pounds), Adidas said on Thursday, seeking to focus more strongly on the Adidas and Reebok brands.

Adidas said in a statement the majority of the purchase price would be paid in cash and the rest in the form of a secured note.

“CCM and its employees have made great contributions to our company. We have every confidence that the brand will continue to grow successfully under its new ownership,” said Adidas CEO Kasper Rorsted.

The sportswear company noted in a press release that the divestiture would "not impact the company’s financial outlook for the current year."  The sale does not change the company's full-year guidance, it said.