Nike has completed the US$200m sale of its Bauer Hockey subsidiary to an investor group led by Kohlberg & Company and Canadian businessman W Graeme Roustan.

The company also announced that Bauer CEO Mark Duggan, a long-time Nike executive, will remain with Nike following the sale.

Under the terms of the deal, Bauer will continue to use the Nike Bauer Hockey trademark on existing products for a period of up to two years.

In connection with the announcement, Bauer's board has named Kevin Davis as president and chief executive efficer of the company.

Duggan said: "Bauer has a great future led by innovative product, brand leadership and a strong, motivated team that I have enjoyed being a part of and leading.

"Prior to the acquisition, we were on a performance tear that I hope the team will continue. I will always have a passion for hockey and the Bauer people and brand.

"But my heart belongs to Nike, where I've spent most of my career. I'm excited to return to Nike and tackle new opportunities."

Nike decided to divest Bauer, acquired in 1995, following a strategic review of its subsidiary businesses.

"Today marks a momentous day in the storied history of Bauer Hockey as the sale of the company is officially complete," said Davis.

"I could not be more energised about what lies ahead for us as a company and I am excited to lead this strong and dedicated team well into the future."

Davis most recently served as Nike Bauer Hockey's chief financial officer and chief operating officer and has been with the company for the past six years.