One of biggest deals in the region this year crosses finish line
One of the biggest deals in the North West this year was formally completed this afternoon.
Bury based JD Sports has completed the £400m acquisition of American firm The Finish Line.
A statement was released to the Stock Market confirming the deal.
Peter Cowgill, executive chairman of JD Sports, said: “We are delighted to announce that we have today completed the acquisition of Finish Line.
“This marks a momentous step in JD’s global expansion and represents an exciting opportunity to bring our market leading, multi-brand retail proposition to the world’s largest athleisure market, both online and in stores.
“Our team will now collaborate with the experienced Finish Line management team and the key global brands to bring best in class retail theatre and multi-channel consumer experience to the US.”
Sam Sato, chief executive officer of The Finish Line, Inc. said: “Today, with the closing of this merger with JD, Finish Line opens an exciting new chapter.
“With a global footprint, together we will bring leading-edge innovation and service to our customers. Our shared vision and drive to provide a premium retail experience will further our impact as a leading, premium multi-channel retailer of sports, fashion and outdoor brands.”
The Finish Line is one of the largest retailers of athletes’ footwear, clothing and accessories in the US valued at nearly £400m.
The firm trades from 556 branded retail stores across 44 US states and in Puerto Rico in addition to a well-established multi-channel offering.
It is also the exclusive retailer of athletic shoes, both in-store and online for Macy’s, one of the US’ premier retailers, operating 375 branded and 188 unbranded concessions within Macy’s stores.
Finish Line is listed on the NASDAQ stock exchange with a market capitalisation of about $425m (£301m). It employs around 3,700 full time and around 9,300 part-time staff.
The Manchester office of law firm Addleshaw Goddard advised on the deal on behalf of its client JD Sports.
The team was led by partner Roger Hart and included Martin O’Shea, Rabia Burton, Rachael Norris and Caroline Gray.
Barclays also advised JD on the acquisition as well as leading the financing in the UK, underwriting the £400m RCF facility alongside HSBC.
