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PPR’s Redcats Acquires Sportsman’s Guide
September 01st, 2006 @ 00:26 AM
Redcats, the home-shopping group owned by French luxury and distribution group PPR, has acquired The Sportsman’s Guide in a quarter-billion-dollar deal.
Redcats Group said Friday that its wholly owned subsidiary Redcats USA has completed the acquisition of The Sportsman’s Guide, Inc., a leading US catalog and online marketer of outdoor and sports gear.
The acquisition priced The Sportsman’s Guide at $31 per share, valuing the title at approximately $265 million.
Preliminary results show that the deal has been approved by almost 99% percent of Sportsman’s Guide shareholders voting last week, representing almost 77% percent of the total shares outstanding. Letters of transmittal for the payment of the consideration will be mailed shortly to the shareholders.
“The acquisition of the Sportsman’s Guide in the U.S. enhances the international operations of Redcats. It is a fast growing and a web-driven business segment, especially the Golf Warehouse, a subsidiary of The Sportsman’s Guide specialized in golf equipment,” explained Thierry Falque-Pierrotin, Chairman and CEO of Redcats Group.
Redcats USA is a leading catalog and online marketer of apparel and home products, operating in North America. Its primary brands are Chadwick’s, Roaman’s, Jessica London, KingSize and BrylaneHome. Redcats USA is a wholly owned subsidiary of the Redcats Group.
Eric Faintreny, Chairman and CEO of Redcats USA, was particularly enthusiastic: “We look forward to working together to take The Sportsman’s Guide and The Golf Warehouse to a further step of their development. These new brands ideally complete our existing portfolio and will contribute to reinforce Redcats USA’s presence on Internet and fast growing businesses.”
PPR is the world’s third largest luxury conglomerate with approximately 84,000 employees in 74 countries. Its retail businesses include Fnac, Conforama, and CFAO, while its prestige product division the Gucci Group controls the following brands - Gucci, Bottega Veneta, Yves Saint Laurent, YSL Beauté, Balenciaga, Boucheron, Sergio Rossi, BEDAT & CO, Alexander McQueen and Stella McCartney.
PPR posted sales of 17.8 billion Euros in 2005.