News briefs - Corporate and M&A – Page 31
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News briefsGoPro's subscription service surpasses two million subscribers
GoPro, which celebrates its 20th anniversary in 2022, announced that its highly profitable GoPro subscription service has surpassed the two million subscriber mark. The GoPro subscription offers customers unlimited cloud storage, the ability to automatically upload footage directly from GoPro cameras to the cloud, premium editing tools in the Quik ...
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News briefsUSTA sells Western and Southern Open
Beemok Capital has entered into a definitive agreement to acquire Cincinnati’s Western and Southern Open from the U.S. Tennis Association (USTA). The firm, described as the “family office of Benjamin Navarro,” has not disclosed terms, but Sports Business Journal reports that early bidders had made offers ranging from $200 to ...
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News briefs
Ski base manufacturer Isosport buys Romanian factory from Novo Tech
Eisenstadt, Austria-based plastics composites manufacturer Isosport has acquired Polish plastics specialist Novo Tech’s factory in Oradea, western Romania, for an undisclosed price, deal advisor Nestor Nestor Diculescu Kingston Petersen told Snow Industry News earlier this week. Isosport is the world leader in innovative plastic solutions for the ski, snowboard and ...
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News briefsHanesbrands’ ransomware attack cost $100 million in sales
Hanesbrands’ ability to order materials, make and ship orders, and process payments was negatively impacted during its second quarter due to a ransomware attack on the company’s information technology systems that was identified on May 24. The company was unable to fill customer orders for about three weeks. The Champion ...
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News briefsMore job cuts coming to Peloton Interactive
Peloton Interactive, slated to report fourth-quarter results on Aug. 25, will reportedly slash its customer support team based in Plano, Texas and Tempe, Arizona in half, eliminating nearly 800 positions, and outsource its “final-mile delivery” to third-party providers. The action, as first reported late last week by Bloomberg and the ...
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News briefsFrasers Group sells ‘some’ retail parks for £205m
Frasers Group said it has completed the sale of some retail parks for £205 million (€242m). The company, which owns the Sports Direct and House of Fraser chains, said the disposal included a number of freehold and long leasehold retail parks held by its wholly-owned subsidiaries to RI UK 1 ...
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News briefsJD Sports’ new chairman buys £400,000 in shares
Andrew Higginson, JD Sports’ new chairman, has reportedly purchased nearly £400,000 (€471,700) worth of shares in the retailer. Higginson joined JD Sports in late July following the departure of Peter Cowgill, who had served as the retailer’s CEO and executive chair since 2004.
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News briefsDescente increases stake in Ningbo Le Coq Sportif
Japanese sportswear and accessories company Descente Ltd. announced in a notice to shareholders that it has increased its stake in Le Coq Sportif (Ningbo) Co. Ltd. (NLCS). NLCS was established by Sugiei and Itochu Textile (China) Co., Ltd. (ITS), a subsidiary of Itochu Corporation, in 2004 to expand the brand’s ...
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News briefsThe Athlete’s Foot announces Joe Delphry’s seven store franchise transition
The Athlete’s Foot (TAF) announced that Joe Delphry, a TAF franchise owner since 1999, has transitioned his seven stores to The Dahir Group. Delphry and The Dahir Group’s Shady Dahir have been friends for years, a press release states, and TAF is “thrilled that the legacy of Joe’s stores will ...
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News briefs
Correction
In our article “Japanese e-commerce company to acquire majority stake in Phenix owner” (July 27), we incorrectly stated that Shiffon Co., Ltd. is the “owner of Phenix” while Shiffon Co., Ltd. is merely the Phenix licensee for its worldwide sales territories except for China. We apologize for this mistake and ...
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News briefsBen Hogan Golf Equipment Company closes down
Ben Hogan Golf Equipment Company ceased trading on July 22, citing supply and financial constraints caused by the Covid-19 pandemic as reasons for the decision. ExWorksCapital had been the majority shareholder for the Texas-based company since its relaunch in 2017 after it originally ceased trading in 2015. ExWorks Financial filed ...
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News briefsAdidas supplier NTX closes $200 million funding round
The textile technology company NTX, based in Singapore and Shanghai, has completed the funding of nearly $200 million in a C2 financing round led by Centurium Capital, with additional contributions from existing shareholder NRL Capital. Index Capital served as the exclusive financial advisor. According to a company release, the funding ...
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News briefsAcon Investments Fund invests another $700 million in New Era Cap
Acon Investments, a Washington, D.C.-based private equity firm, today announced the closing of Acon Strategic Partners II, a new single-asset continuation fund of approximately $700 million in connection with the partial sale of the Acon Equity Partners IV portfolio investment to and the increase of the existing investment in New ...
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News briefsAllbirds lays off 3% of its employees
Allbirds, the San Francisco-based DTC footwear brand that went public in 2021, confirmed that it is laying off 23 employees. The layoffs were first posted on startup layoff portal Layoffs.fyi and then reported by SFGATE.com. “We have thoughtfully evaluated roles and processes in each department, and each market, to ensure ...
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News briefsXponential Fitness signs master franchise agreement with CycleBar for Japan
Xponential Fitness, a global franchisor of boutique fitness brands based in California, has signed a master franchise agreement in Japan for the indoor cycling brand CycleBar. The deal, signed with Xponential’s master franchisee for Club Pilates in Japan, allows the new master franchisee to license at least 30 CycleBar studios ...
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News briefsSportsArt announces worldwide fitness partnership with Accor Group
Source: SportsArt Ruben Mejia, executive vice president, SportsArt Americas SportsArt, a U.S. provider of fitness solutions, has been chosen by Astore – the French multinational hospitality company Accor Group’s procurement organization – as a global preferred vendor outfitting their fitness centers with SportsArt’s patented ECO-POWR cardio equipment. ...
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News briefsJD Sports Fashion divests Footasylum to Aurelius Group
JD Sports Fashion has exchanged contracts on July 29, 2022, to sell Footasylum Limited and its associated subsidiaries to Aurelius Group for £37.5 million (€44.7m). Aurelius is a pan-European private equity group with offices in Luxembourg, Munich, London, Stockholm, Madrid, Milan and Amsterdam and over 40 international portfolio companies. The ...
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News briefsPou Sheng warns on significant H1 decline
Pou Sheng Intl., the retail subsidiary of Yue Yuen, issued a revenue and profit warning for the first half ended June 30, citing persistent Covid-related restrictions in China that impacted consumer traffic and sentiment during the six months. The group forecasts a 25 percent decline in H1 revenues to 9,865 ...
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News briefsLoans to help Pádel Nuestro expand in Sweden
Pádel Nuestro has secured two loans whose total of €2.84 million will go towards acquiring real estate, inventory and other costs associated with opening own stores in Sweden’s big cities. The group has six Swedish stores already, all of them franchises. The lender is COFIDES, public-private company combining Spanish state ...
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News briefsXtep’s controlling shareholder sells 80 million shares
The largest shareholder of Chinese sportswear brand Xtep International, Group Success Investments Limited, has sold 80 million shares, or about 3.04 percent of the free float, for HK$12.70 per share (€127.8m in total). Group Success is majority owned by the Ding family, which controls Xtep. Xtep did not disclose the ...
