Last checked at 20 May 2009 07:00
20 May 2009
JD Sports Fashion Plc
Acquisition Of Chausport SA
JD Sports Fashion Plc ('JD'), the leading retailer of sport and athletic inspired fashion apparel and footwear, announces that on 19 May 2009 it acquired 100% of the entire issued share capital of Chausport SA ('Chausport') for a total cash consideration of €8.0m, before fees. In addition, JD will inherit net debt of €2.0m.
Chausport was founded in 1980 and is a key retailer of sports footwear in France with 78 stores in premium locations in town centres and shopping centres. With its base near Lille, Chausport is particularly well represented in Northern France.
The current experienced management team, headed by CEO Jerome Lepoutre, who was one of the original founders, will all remain with the business.
This strategic acquisition gives JD the opportunity for future growth by entering a new and sizeable European market outside of its established base in the UK and Ireland.
For the year ended 31 December 2007, Chausport had a turnover of €40.7m, a profit before tax and exceptional items of €0.6m and gross assets of €17.9m.
The JD Board expects that the Chausport acquisition will be earnings enhancing in future years after investment both in the existing portfolio and in new stores.
Peter Cowgill, Executive Chairman of JD, said:
"We are very pleased to announce the acquisition of Chausport, which will give us a foothold in a new and sizeable European market. By drawing on the current management team's expertise, we are confident that this acquisition will bring both financial and strategic benefits in the future."
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Peter Cowgill, Executive Chairman
Barry Bown, Chief Executive
Brian Small, Finance Director
Hogarth Partnership Limited Tel: 0207 357 9477
Andrew Jaques
Barnaby Fry
Ian Payne