JD Sports Fashion Plc Acquisition of Deporvillage in Spain (2348D)
June 28 2021 - 01:00AM
UK Regulatory
TIDMJD.
RNS Number : 2348D
JD Sports Fashion Plc
28 June 2021
28 June 2021
JD Sports Fashion Plc
Conditional agreement for the acquisition of Deporvillage in
Spain
JD Sports Fashion Plc ('JD' or the 'Group'), one of the world's
leading retailers of sports, fashion and outdoor brands, announces
that on 25 June 2021, Iberian Sports Retail Group SL ('ISRG'), its
existing 50.02% intermediate holding company in Spain, entered into
a conditional agreement to acquire 80% of the issued shares in
Deporvillage SL ('Deporvillage').
Based in Manresa in Catalonia, Deporvillage is an online only
retailer focussing on the sale of specialist sports equipment
principally for cycling, running and outdoor. After launching
initially in Spain in 2010, Deporvillage has expanded
internationally with country specific websites launched
subsequently in Italy (2013), France (2013), Portugal (2014),
Germany (2018) and UK (2018). In the year to 31 December 2020,
Deporvillage generated revenues of EUR117.8 million and delivered a
profit before tax of EUR7.7 million. The gross assets at 31
December 2020 were EUR51.1 million.
Deporvillage was established by Xavier Pladellorens and Ángel
Corcuera ('Management') who, after a number of fund raising
exercises, are currently minority shareholders. Post completion,
the Management will retain a 20% holding in the business and will
be continuing in their roles as Chief Executive Officer and Chief
Purchasing Officer respectively.
Completion of the acquisition is subject to receiving antitrust
clearance.
Total maximum cash consideration for the acquisition of the
initial 80% holding in Deporvillage, subject to customary cash /
debt and working capital adjustments, is EUR140.4 million, of which
EUR40.4 million has been deferred and will be paid contingent on
the performance of the business to 31 December 2021. The cash
consideration is being funded from the Group's cash resources and
existing bank facilities. Additionally, a number of put and call
options, to enable future exit opportunities for Xavier
Pladellorens and Ángel Corcuera have also been agreed, which
commence two years after closing.
The acquisition of Deporvillage, when completed, will enhance
the Group's authenticity in key sports categories, significantly
increase its digital capabilities in the sports equipment market
and will complement the ongoing positive developments in the
Group's existing Sprinter and Sport Zone fascias.
Peter Cowgill, Executive Chairman of JD Sports Fashion Plc,
said:
"Deporvillage has a strong consumer-centric approach and is the
market leader in its categories in Spain with significant potential
for further international development. We look forward to closing
the transaction and welcoming the Deporvillage team to the
Group."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Neil Greenhalgh, Chief Financial Officer
Jennifer Iveson, Investor Relations
MHP Communications Tel: 0203 128 8788
Andrew Jaques
Giles Robinson
Charles Hirst
Catherine Chapman
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQFLFLSREIDFIL
(END) Dow Jones Newswires
June 28, 2021 02:00 ET (06:00 GMT)
Jd Sports Fashion (LSE:JD.)
Historical Stock Chart
From Feb 2024 to Mar 2024
Jd Sports Fashion (LSE:JD.)
Historical Stock Chart
From Mar 2023 to Mar 2024