Dorel Appoints Merger & Acquisition Specialist to Board of Directors
MONTRÉAL, Canada – Dorel Industries announced the appointment of Norman M. Steinberg to its Board of Directors. Steinberg is a strategic international corporate lawyer focused on mergers and acquisitions, corporate finance and corporate governance, and has led legal teams in some of Canada’s biggest M&A (Merger & Acquisition) transactions.
Dorel President and CEO Martin Schwartz explains why they appointed Norman Steinberg to Dorel’s Board of Directors. “He has a remarkable track record as a seasoned professional with extensive experience in M&A and in corporate governance, guiding public companies. This knowledge coupled with a proven strategic vision, leadership and legal acumen will complement our existing Board members and will serve all extremely well.”
Divesting Sugoi and Sombrio
Whether Steinberg’s appointment marks a change in Dorel’s merger and acquisition strategy was not mentioned in the company statement. Recently Dorel Industries already sold the Sugoi and Sombrio brands to Louis Garneau Sports which were part of the Dorel Sports division. The company announced to divest its performance apparel line of business to focus on its core strategic businesses of bikes, parts and accessories and electric ride-ons. Today Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi and IronHorse.
Norman Steinberg began his career at Ogilvy Renault in 1976. He is Chair Emeritus of Norton Rose Fulbright Canada and the former Global Chair of Norton Rose Fulbright, one of the world’s largest law firms.
In the past years he has served on numerous public and private boards, as well as Foundations. Current Positions and Directorships include Senior Advisor to Persistence Capital Partners (Health Care) and Director, BFL Canada, one of the country’s largest insurance brokerage firms.