August 08, 2017
David Chaikof and David Bish have spoken with Lexpert about their involvement in Performance Sports Group’s acquisition by a joint venture. The prominent deal is the cover story of Lexpert’s July/August edition. David Bish is featured on the cover of the magazine.
After it voluntarily filed for insolvency protection in October 2016, Performance Sports Group was eventually acquired by Sagard Holdings and Fairfax Financial Holdings. Torys acted on the Fairfax Financial Holdings side of the transaction.
Speaking to Lexpert, Torys M&A and capital markets partner David Chaikof discussed the close professional relationship he’s held with Fairfax over a number of decades.
“What I personally do before each deal, and this really goes back to my earliest days working on Fairfax deals, is read the very last page of Fairfax’s Annual Report, which has eight guiding principles in it,” Chaikof told Lexpert.
“At the end of the day, Fairfax stands for Fair, Friendly Acquisitions. And really that is how they, from their earliest days, proceeded on all their acquisitions. They have never walked away from a deal once they have committed to the transaction.”
David Bish worked alongside Chaikof on the deal and said the challenge for the team was to maintain PSG’s value throughout the process, “and still have all of that value at the end of the process that you had at the beginning of the process.”
“If that’s not properly structured and executed ... value can be eroded as the public learns of the distress, as customers, buyers, etc., start to change their behaviours,” he said.