News briefs - Corporate and M&A – Page 48
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News briefs
Decathlon will source bikes from a big new plant in Romania
The cycling boom has led Decathlon, which is a major player in the sector with its private-label lines, to boost its manufacturing capacity in Europe. While expanding the production in France and Portugal, it is working with a partner in Romania, the Sport Mechanical Workshop, on the establishment of a ...
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News briefs
Moody’s downgrades VF
Completing its review of VF Corp.’s credit rating following its December acquisition of Supreme, Moody’s kept the company’s rating stable but lowered its senior unsecured debt and shelf ratings slightly. It confirmed its P-2 short-term commercial paper rating. Moody’s noted that VF’s financial leverage will remain high, predicting that its ...
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News briefs
Peloton has quickly completed a $1.0 billion bond issue
Peloton Interactive has obtained all the extra funds it wanted. The fast-growing connected fitness company has announced the completion of a convertible bond offer that is generating gross proceeds of $1.0 billion, including an over-allotment option for $125.0 million, which has been exercised faster than planned. The net proceeds of ...
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News briefs
Patrick Lepeudry, co-founder of Skiset, injured in a helicopter crash
Patrick Lepeudry, co-founder of Skiset, the French-based ski rental company, sustained severe injuries in a helicopter crash in Courchevel, a ski resort town in the French Alps, in the afternoon of Feb. 9. The accident occurred between the Rosière lake and the Dent du Villard mountain at an altitude of ...
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News briefs
Rossignol finds a new buyer for some of Time's assets
Rossignol has sold many of the bike frame manufacturing assets of Time Sport International to Cardinal Cycling Group of Little Rock, Arkansas. Rossignol had originally planned to make the sale to WhaTTfornow, but this French e-bike producer pulled out of the deal for lack of funds. Cardinal has entrusted the ...
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News briefs
Xtep to open operation center in Shanghai
Xtep International has plans to establish a new operation center in Shanghai. According to a report in Sportstextiles.com, the Chinese sportswear group has entered into an agreement with a property company to acquire a site covering around 11,000 sqm close to Hongqiao Airport. Xtep will use the new site for ...
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News briefs
Frasers cashes out of French Connection
Frasers Group, the parent company of Sports Direct, has sold its entire 24.93 percent interest in French Connection, a British fashion company in which it started to invest in 2017, when the share price was higher than it is now. The shares were probably worth less than £4 million (€4.5m-$5.5m) ...
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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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News briefs
Nike acquires a data integration firm
Nike has acquired Datalogue, a high-tech company founded in 2016 that operates out of New York City. Datalogue has built a proprietary machine-learning platform to siphon information from apps, supply-chain systems, enterprise data and so forth. According to John Donahoe, Nike’s president and CEO, the acquisition will help Nike “transform ...
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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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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) ...
