Sweden's New Wave Group AB, which supplies promotional products and sportswear brands such as Cutter & Buck and Speedo in Europe and the US, has bought Paris Glove of Canada Inc for CAD16.5m (US$16.3m).

The move enhances the group's corporate portfolio and also provided a stepping stone into Canada's retail markets through its established customer base.

"We view Paris Glove as a complement to our other apparel lines and global markets," said Torsten Jansson, managing director and CEO of New Wave Group.

Paris Glove is one of the oldest glove companies in North America, and achieved sales of CAD28m during 2010, with an operating profit (EBIT) of CAD2.8m. Its premium sport and outdoor division Auclair supplies products to all markets, including sports, fashion, and industrial gloves for men and women, adults and children.

The company also sells a line of men and women's scarves and headwear, and distributes a limited selection of other products to its customer base on behalf of other brands. It is made up of Laurentide, Gloves International Inc, The Paris fashion division, and Auclair Sports division.