News briefs - Corporate and M&A – Page 2
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News briefsTennis-Point finds new owner
According to SGI USA, Fromuth Racquet Sports, a Pennsylvania-based racquet sports wholesaler and retailer, has reached an agreement to acquire e-tailer Tennis-Point on undisclosed terms to expand into the tennis e-commerce space. Tennis-Point will initially operate as an independent company and will retain the same name and contact details. All ...
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News briefsInter Milan changes hands
Funds under the management of Oaktree Capital have swept in to take control of the Serie A football club Inter Milan. The club’s previous majority owner, Suning Holdings (headquartered in Nanjing, China), has failed to repay the outstanding balance on a loan from Oaktree that matured on May 21. That ...
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News briefsImperial acquires Pukka, bolsters position in custom headwear market
Imperial, now under the ownership of CPC, announced the completion of its acquisition of Pukka, Inc., a custom headwear company based in Findlay, OH. Known for its designs in golf, action sports, and team sporting goods markets, Pukka’s existing management team and operational structure will remain intact. Todd Johnson, CEO ...
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News briefsWomen’s tennis and Saudi investment fund announce multi-year deal
The Women’s Tennis Association (WTA) and Public Investment Fund (PIF) have unveiled a multi-year partnership that is meant to grow women’s professional tennis and inspire more women and girls around the world to take up the sport. As part of the agreement, PIF will become the first-ever naming partner of ...
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News briefsHydrow acquires majority in Speede Fitness
Hydrow, maker of high-end, connected rowing machines, has acquired a majority stake in Speede Fitness, according to CNBC. In addition, the company’s founder, Bruce Smith, will be ceding the post of CEO to current President and Chief Financial Officer John Stellato and taking up the post of Chairman. Hydrow enjoys ...
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News briefsBorn Living Yoga seeks international expansion
Born Living Yoga is targeting €25 million in revenues and is planning to rely on international growth as a driving force behind the plan. The Madrid-based activewear and athleisure label generated €18 million in revenues in 2023. In an interview with FashionNetwork.com, co-founders Alvaro Roca and Arianne Puig explained that ...
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News briefsXtep selling K-Swiss, Palladium brands to Ding family
The purchase price of $151 million for K-Swiss and Palladium is 42 percent less than the $260 million that Xtep Intl. Holdings paid for the brands in 2019. Xtep said the K-Swiss/Palladium wholly-owned subsidiary, KP Global Investment, has accumulated over $100 million in operating losses since being acquired and a ...
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News briefsSuperStroke buys Lamkin Grips
SuperStroke has acquired Lamkin Grips, a 99-year-old, family owned maker of golf grips. According to SuperStroke, Lamkin’s CEO, Bob Lamkin, will “continue to serve as a board member and will remain involved in the company.” In addition to what it calls the number-one putter grip in golf, SuperStroke produces custom ...
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News briefsPeloton announces major workforce reduction amid financial struggles
In a move reflecting ongoing financial challenges, indoor training platform Peloton has revealed plans to cut 15 percent of its workforce, equating to approximately 400 positions, alongside the resignation of CEO Barry McCarthy. The company’s stock price has experienced a dramatic decline, plummeting from its peak of over $160 in ...
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News briefsAqualung divests the Stohlquist brand
The French Aqualung Group, which specializes in the manufacture of diving and high-performance water sports equipment, has announced the successful sale of its Stohlquist brand to California-based Sport Dimension Inc. The sale of Stohlquist completes the exit from the Swim Snorkel Paddle business in North America. The group had already ...
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News briefsJD Sports implements four-day office workweek for head office employees worldwide
JD Sports is implementing a new policy requiring all head office employees worldwide to return to the office at least four days a week, effective July 1. This decision will impact employees at the sports giant’s UK head office located in Bury. However, JD Sports will maintain flexibility based on ...
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News briefsLululemon to close Washington State distribution center, cuts over 100 jobs
On Monday, Lululemon, the Canadian athleisure brand, announced its decision to shut down its distribution center in Sumner, Washington, resulting in the termination of more than 100 employees. The closure, confirmed by a Worker Adjustment and Retraining Notification filed with the state’s employment security department, will see layoffs commencing on ...
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News briefsNike and USA Olympic athletes address controversy over women’s track and field kit
Nike and several USA Olympic athletes have responded to online backlash regarding the design of the women’s Team USA track and field kit. A photograph of the uniform sparked criticism, with many labeling it as “sexist” and “revealing.” The photograph, circulated by Citius Mag, compared the women’s high-cut bodysuits to ...
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News briefsNike’s headquarters to undergo major layoffs, impacting hundreds
Nike’s headquarters in Oregon will see significant layoffs affecting hundreds of employees by June, according to a WARN notice filed with the state of Oregon on April 19. Confirming its restructuring plans, Nike revealed that by June 28, approximately 740 employees will have been impacted by two rounds of layoffs. ...
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News briefsNHL announces sale of Arizona Coyotes, Utah franchise to emerge
The National Hockey League (NHL) has confirmed the sale of the Arizona Coyotes franchise, paving the way for a new team to emerge in Utah. Smith Entertainment Group (SEG), renowned for owning the Utah Jazz in the National Basketball League and Real Salt Lake in Major League Soccer, will take ...
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News briefsNike unveils new innovation cycle in preparation for Olympics
Nike’s latest innovation push follows CEO John Donahoe’s recent acknowledgment of the brand’s need to enhance its product innovation pipeline, citing it was “not performing at our potential.” The forthcoming products unveiled by Nike ahead of the Paris Olympics mark the commencement of a multiyear innovation drive, introducing “game-changing innovations” ...
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News briefsFrasers Group bolsters EMEA expansion with Twin Sport acquisition
Frasers Group is set to acquire Twin Sport, a prominent Dutch sporting goods retailer. The acquisition agreement entails Frasers Group acquiring all shares in Twin Sport Holding B.V., a key player in the Dutch sports retail landscape and part of the Intersport franchise under EKS Netherlands. Twin Sport, with 17 ...
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News briefsRafael Nadal invests in Playtomic
Spanish tennis legend Rafael Nadal is investing in Playtomic, the largest racquet sports community in the world. The financial terms were not disclosed. Playtomic is a booking app for padel and tennis courts that is active in more than 50 countries and operates with more than 4,800 clubs worldwide. Founded ...
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News briefsFormer Kaufhof owner reportedly taking over Galeria Karstadt Kaufhof
According to German business publication Handelsblatt, US investor NRDC Equity Partners is to be granted the contract to operate the 92 locations of the German department store chain Galeria Karstadt Kaufhof. NRDC is the investment company of Canadian entrepreneur Richard Baker, who also owns a majority stake in the North ...
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News briefsRiddell acquires helmet tech R&D company
New York-based Evome Medical Technologies Inc. has reached an agreement with EB Sports Corp., the parent company of Riddell Sports Group to sell Evome’s R&D business unit Simbex LLC for approximately $4.83 million in cash. The proceeds will be used to pay down Simbex debt and reduce Evome’s acquisition debt ...
