Cape Nordic, a Finnish distributor of sports and fashion products based in Helsinki, has bought the floorball business of Exel. This includes inventory and the order backlog, as well as a long-term licensing agreement related to the use of the Exel brand and other floorball brands.
Exel’s sales of floorball sticks and related products in 2008 were about €5 million; Cape Nordic had sales of about €20 million last year. Nine employees in Exel’s floorball operations in Finland and five in Sweden will be transferred to Cape Nordic. The cost of the deal was not released.
Last year, Exel sold its outdoor division, represented mainly by its Nordic walking poles. This deal is intended to further focus the company on composites, including such items as sports poles for skiing and Nordic walking, masts for windsurfing and sailing, and tent structures.
