Bauer Hockey Parent Co. Performance Sports Receives No Bids At Recent Bankruptcy Auction

Performance Sports Group, the bankrupt parent company of Bauer hockey equipment, on Thursday said that it "received no alternative bids at a recent auction," according to Josh Kosman of the N.Y. POST. The $575M bid PSG "received from creditors Sagard Capital and Fairfax Financial in October" will therefore "carry the day." A source said that private equity companies KKR, Bain Capital and TPG Capital all "considered buying PSG, which also makes Easton baseball and softball bats -- but ultimately decided not to bid." PSG "told suitors during the bankruptcy auction that," in '16, it "generated zero" EBITDA. The source said that the EBITDA forecast for FY '18 was "dropped" from $60M to $50M. Sagard and Fairfax "own PSG debt and are forgiving the liability in exchange for equity in the company." The source added that Sagard and Fairfax will "pump" $150M in cash into PSG (N.Y. POST, 1/27).