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JD Sports Fashion to acquire DTLR Villa for $495 million
StockMarketWire.com
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Sportswear retailer JD Sports Fashion said it had entered into a conditional agreement to acquire DTLR Villa for $495 million.
Based in Baltimore, Maryland, and currently majority owned by BRS & Co. and Goode Capital, DTLR, established in 1982, was a hyperlocal athletic footwear and apparel streetwear retailer.
Completion of the acquisition was anticipated to be completed during Q1 2021.
'The acquisition of DTLR will enhance our presence in the north and east of the United States and will be another important step in the group's evolution,' JD Sports Fashion said.
Originally named Downtown Locker Room, the company later re-branded as DTLR and, in 2017, merged with Sneaker Villa.
DTLR currently operated from 247 stores across 19 states, principally in the north and east of the United States.
Under the terms fo the deal, The DTLR management, headed up by Glenn Gaynor and Scott Collins, who would be continuing in their roles as Co-CEOs, would also be reinvesting a portion of their proceeds back into DTLR in exchange for a new minority stake of approximately 1.4%.
Put and call options, to enable future exit opportunities for the management of DLTR, had also been agreed and would become exercisable after a minimum period of three years, the company said.
Story provided by StockMarketWire.com
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