More corporate news – Page 51
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News briefs
TaylorMade Golf is for sale, according to the NYT
The New York Times (NYT) reported on Feb. 2 that KPS Capital Partners has hired Morgan Stanley to run a sale of TaylorMade Golf. Spokespeople for KPS and Morgan Stanley declined to comment and TaylorMade was unavailable for comment, the NYT reports. KPS, an investment company with headquarters in New ...
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Short stops
CORPORATE AND M&A
+++ The NBC Sports Network will cease operations by the end of 2021, with key elements of its programming shifting to USA Network, also owned by NBCUniversal, and Peacock, which is NBCUniversal’s new streaming service +++
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Article
SHER, a new Italian cycling & sports brand for women
Sara Canali, a native of Bolzano who has been practicing football, cycling and other sports since a young age, has become the sole owner of SHER Women’s Activewear, a new brand of functional and stylish sports clothing for women. She launched last May as a joint venture with Francesca Pozzi, ...
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News briefs
JD Sports on the hunt for more purchases after raising £464m
JD Sports Fashion is on the hunt for more acquisitions after raising £464 million pounds (€529m-$634m) through a placement of 58.4 million new shares, representing about 6 percent of its share capital. They were placed at 795 pence each, offering a 2.5 percent discount on the mid-market closing price of ...
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News briefs
Two shareholders want more for Dorel
Two large institutional shareholders are planning to vote against the sweetened offer to pay 16.00 Canadian share for each share in Dorel Industries made a few days ago by Cerberus Capital Management to take the company private, according to Bloomberg. They say that, while it is higher than an initial ...
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News briefs
Nike reorganizes in Germany, possibly also elsewhere
Nike is apparently streamlining its operations in Germany, and perhaps in other European countries as well. While stressing that the company is not closing its office in Berlin, a Nike spokesman declined to directly confirm a report in Wirtschaftswoche that it is abolishing the role of country manager in Germany, ...
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News briefs
L Catterton invests in JOTT and names Lalance as CEO
JOTT, a French casual outerwear brand, has announced that L Catterton has acquired a controlling interest in the company. The financial terms of the deal have not been disclosed. The Gourdikian family, which founded and manages JOTT, will continue to hold a “significant equity interest” in the business. JOTT, ...
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News briefs
Dorel raises purchase price to go private
Cerberus Capital Management has agreed to pay 10.3 percent more than previously planned to acquire control of Dorel Industries – whose assets include major bicycle brands such as Cannondale, Schwinn, GT, Mongoose, Caloi and IronHorse – following exchanges and discussion with shareholders holding more than 50 percent of the group’s ...
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News briefs
Karstadt Sports’ parent to get a state loan
Germany’s federal government has agreed to grant a €460 million loan to Galeria Karstadt Kaufhof (GKK), the big and struggling department store chain owned by Signa Retail, according to the German press agency, DPA. However, the loan is said to be subordinated to a number of yet unspecified conditions. One ...
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News briefs
Bogner gets €55m from its own head office
Bogner has agreed to sell the property of its corporate head office in Munich for €55 million to a real estate company, UBM Development, after a bidding process. The City of Munich has a right of first refusal for the next two months on the building, located at Sankt-Veit-Strasse 4. ...
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News briefs
361 Degrees halves a high-interest portion of its debt
The Chinese sportswear company successfully completed a tender offer for about half of its remaining 7.25 percent senior unsecured notes, reducing the total amount still due to be redeemed by June 3 from $266.1 million down to $127.8 million. The move has allowed 361° to considerably cut its total indebtedness ...
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Article
JD acquires another sports chain in the U.S.
After its $558 million takeover of The Finish Line in 2018 and its more recent $680 million acquisition of Shoe Palace on the U.S. West Coast, JD Sports Fashion continues its expansion in the U.S. with the announced purchase of a 100 percent stake in DTLR Villa. Based in Baltimore, ...
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News briefs
Moody’s upgrades Vista Outdoor once more
A fast-growing ammunition market in the U.S. due to the anxiety caused by the coronavirus pandemic and the trend toward outdoor activities is leading to better financial prospects for Vista Outdoor, which is also the owner of “quieter” international brands like Camelbak, Bell and Giro. As a result, Moody’s is ...
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News briefs
Deporvillage seeks to sell a majority stake
According to the Spanish financial daily Expansión, Deporvillage has engaged a financial advisory, Arcano Partners, to seek out an investor to purchase a majority stake in the company. The fast-growing Spanish e-tailer of sporting goods is currently majority owned by its founders, Ángel Corcuera and Xavier Pladellorens, and by such ...
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News briefsDr. Martens commands a high Ebitda multiple with its IPO
Dr. Martens is being valued between £3.3-3.7 billion (€3.7bn-$4.5bn to €4.2bn-$5.1bn) in its planned public offering on the London Stock Exchange, whichis already fully booked. The valuation implies a multiple of over 17 times Ebitda, as the company generated Ebitda of £184 million (€204.2m-$248.3m) on revenues of £672 million (€745.8m-$907m) ...
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ArticleRocky Brands invests $230m to buy footwear brands from Honeywell
Rocky Brands has agreed to acquire the performance and lifestyle footwear business of the U.S. conglomerate Honeywell International for $230 million. The deal is expected to close in the first quarter of 2021. The assets acquired are The Original Muck Boot Company, Xtratuf, Servus, Neos and Ranger. These brands posted ...
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Article
JD confirms its search for extra funding opportunities
JD Sports Fashion confirmed that it is exploring additional funding options, possibly involving a non-equity placing, as it looks to increase “its flexibility to invest in future strategic opportunities.” The company confirmed the move after Sky News reported the group was in talks with advisors on a potential £400 million ...
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News briefs
Ski Lacroix’ parent is placed in receivership
Idealp Sport, a French skiwear company based in Albertville, has been placed in receivership (“procédure de sauvegarde” under French law) by the Chambéry commercial court, as reported by sport-guide.com. The Henri Duvillard brand, which Idealp sold to Amateis in December, is not involved in the procedure. The Degré 7 brand, ...
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News briefs
Tecnica partners with a local innovation hub for its digitalization
Tecnica Group has signed a new partnership agreement with H-Farm, an innovation hub located in Ca’ Tron, near Venice, that combines investment, business consulting and digitally-enhanced educational programs. The partnership calls for the launch of new digital activities by Tecnica’s employees and the development of new courses aimed at training ...
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CORPORATE
+++ Anta has reportedly invested the equivalent of around $92 million in a production base in Anyue county, in the Sichuan province, which is expected to be completed by October 2022 and to eventually employ between 3,000 and 5,000 people, according to Chinese media +++ +++ Dentsu has consolidated its ...
