Peak Achievement Athletics, the Canadian parent company of Bauer, Cascade and Maverik, announced plans to issue C$250 million (€155.8m) in unsecured notes due August 2033. Most of the proceeds will be used to repay the company’s existing C$339 million term loan due December 2027.
S&P Global Ratings assigned the company a BB– issuer credit rating with a stable outlook and rated the new notes B+, citing leverage of approximately 5x, which is expected to fall below 4x within a year. The company’s S&P-adjusted EBITDA margin is currently 19–20 percent, outperforming similar equipment manufacturers like Topgolf Callaway Brands and TaylorMade, which typically operate at margins of 16–17 percent .
Peak was acquired by Fairfax Financial Holdings from Sagard Holdings in 2024. According to S&P’s outlook, the company is expected to grow its revenues by more than 7 percent in fiscal 2026, driven by pricing strategies and increased market share within the slow-growing hockey and lacrosse segments.
Morningstar DBRS separately issued a (P) BB (low) provisional credit rating on the notes and a BB issuer rating for Peak, both with stable trends. The ratings reflect Peak’s strong position in the hockey equipment market, tempered by its niche focus and limited scale .
