Activa Capital, the French investment company that acquired 37.4 percent of the share of Sport 2000 France in May 2008 in an equity increase intended to speed up its growth, is taking over control of the French buying group. Sport 2000 Invest, which represents its retail members, sees its controlling stake reduced to 46 percent. The balance remains in the hands of the management.
One of the retail members of Sport 2000 France, Jérôme Camps, has become chairman of Sport 2000 Invest, replacing William Monti, who ran the buying group for 14 years and endorsed Activa Capital’s initial investment and the business plan presented by the group’s former general manager, Jean-Paul Onillon. Monti remains chairman of Sport 2000 International.
Activa Capital had promised to inject €40 million into the group as part of the business plan, partly to help it to buy or set up about 25 corporate stores. However, it has reportedly pumped in only one-fourth of the amount as the first dozen stores did not generate theexpected return on the investment.
According to the magazine Sportéco, Activa Capital is converting bonds into shares by using an automatic clause underwritten at the time of the original acquisition after two years of losses. Details of the transaction and future plans are expected to be unveiled at a general shareholders’ meeting scheduled for Dec. 8.
Meanwhile, Sport 2000 France has acquired the share of less than 10 percent in Sport 2000 International previously held by Sport Alliance of Italy. The move should allow the French company to speed up the development of the Sport 2000 banner at Sport Point Group, the Italian buying group with which it has a cooperation agreement. While Sport Alliance refused to adopt the banner, 30 shops affiliated with Sport Point Group have already placed it next to their original store names.
