Intersport Deutschland eG (Intersport Germany) announced on Nov. 8 that it has signed an agreement on the sale of Sport Voswinkel GmbH & Co. KG to Cisalfa Sport S.p.A. by the end of 2023.
“We are very pleased that we can place Sport Voswinkel GmbH & Co. KG into the hands of Intersport member Cisalfa Sport S.p.A. from Italy,” said Dr. Alexander v. Preen, CEO of Intersport Germany. “This cooperation will help us to realize the growth and development plans as part of our ‘Best in Sports: Up for Future’ strategy in an even more targeted and focused way, as our strategy is not focused on Own Retail.”
Cisalfa Sport founded Intersport Italia S.p.A. in 1997 together with other retailers. Today, the Italian group consists of 100 members.
Preen sees many opportunities in the new constellation. Without owned retail subsidiaries, the group now sees Voswinkel as “another strong, entrepreneurial and expansion-minded Intersport comrade in Germany.” The group currently comprises 420 stores operating under the Intersport banner in Germany. “As part of our strategy, we will continue to accelerate our growth and open over 100 new Intersport-branded locations by 2030, including with our start-up program ‘Self-employed with Intersport.’ We are certain that Sport Voswinkel will play an important role in these growth plans. We are particularly pleased about this,” Preen continued. According to Intersport Germany, Cisalfa Sport will continue to receive services from Intersport Germany for Sport Voswinkel based on a newly signed, long-term partnership.
For Cisalfa – the largest Italian sports retailer with over 150 doors in Italy – the takeover means expansion into Germany and Europe. “The agreement is part of a perfect collaboration within the Intersport network and a good opportunity for us to take on new challenges with Sport Voswinkel in one of the most important European sports markets,” said Stefano Pochetti, President of Cisalfa Sport. “We are sure that the acquisition of Sport Voswinkel GmbH & Co. KG will strengthen our strategic synergies with the Intersport network in Germany and Europe and take a further step towards the future of Cisalfa Sport and its growth.”
Founded in 1904, Sport Voswinkel is based in Dortmund and currently operates 50 sporting goods stores throughout Germany. It has been a member of the Intersport group since 1989. At the end of 2002, the then-owner Douglas Holding AG sold its 100 percent stake in Sport Voswinkel to Intersport. In 2019, with 74 stores at the time, Voswinkel had to apply for a protective shield procedure. Just one month after the restructuring plan was approved, the responsible district court in Dortmund ended the insolvency proceedings, allowing the retailer to operate independently again. The restructuring plan included the closure of 20 stores and the loss of around 300 jobs. In the summer of 2020, Voswinkel was able to reopen two new stores for the first time after the insolvency proceedings and the Covid lockdowns.
“We are delighted that, together with the management, we have successfully put Sport Voswinkel back on course for growth in recent years and positioned it profitably,” commented Thomas Storck, CFO and Deputy CEO of Intersport Germany. “We are confident that we have found the right buyer for Sport Voswinkel, who has the necessary know-how and financial resources to grow Sport Voswinkel.” Marcus Neul, Managing Director of Sport Voswinkel, added: “Thanks to the successful repositioning and significant investments over the last three years, Sport Voswinkel has achieved very good results. With the support of Cisalfa Sport, we see good opportunities to ensure a sustainable future for the company by further developing our business.”
Cisalfa Sport is acquiring Sport Voswinkel with its head office and all 50 locations throughout Germany. Both parties have agreed not to disclose the purchase price. Closing is expected to take place around the end of 2023.
According to Intersport Germany, the sale secures the long-term presence of the Intersport brand in the country. “We see the sale of Sport Voswinkel as strengthening our position many times over. With the development of Sport Voswinkel, we have impressively proven that our strategic concepts are successful. We will use the proceeds from the sale of Sport Voswinkel for further investments in the future of our network and thus benefit all affiliated stores,” emphasized CFO and Deputy CEO Storck.
