May 27, 2016 / 6:57 AM / a year ago

Adidas sells U.S. apparel firm Mitchell & Ness

An Adidas logo is pictured at a shirt before the company annual general meeting in the northern Bavarian town of Fuerth near Nuremberg, Germany, May 12, 2016.Michaela Rehle

FRANKFURT (Reuters) - Adidas (ADSGn.DE) said it had agreed to sell U.S. sportswear seller Mitchell & Ness, resulting in a one-time gain in a the low to medium double-digit million euro range.

The German group said in a statement on Friday it would re-invest the proceeds of the sale into its "Creating the New" strategy.

"Nostalgia headwear and apparel is not core to this strategy and the sale of Mitchell & Ness will allow us to reduce complexity and pursue our target consumer more aggressively with our core brands," Adidas said in a statement on Friday.

The buyer is a newly formed entity primarily owned by U.S. private equity firm Juggernaut Capital Partners.

Reporting by Maria Sheahan; Editing by Caroline Copley

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