RCG Corporation of Australia, which has the license for The Athlete's Foot in Australia and New Zealand, has agreed to acquire Accent Group (AGL), a company in New Zealand that owns the Platypus chain of sneaker stores and distributes seven international brands including Dr. Martens, K-Swiss, Skechers, Timberland and Vans. RCG intends to raise 125 million Australian dollars (€88.3m-$95.7m) from existing shareholders and others to finance the acquisition at a price of between A$180 million and A$200 million, equivalent to six times normalized 2015 Ebitda. AGL generated revenues of A$62 million at wholesale and A$120 million (€84.8m-$91.9m) at retail in the past year. The takeover will raise RCG's total annual sales from A$268 million to A$450 million (€317.9m-$344.6m). It will continue to be run by Hilton Brett and will end up with more than 270 stores, including co-branded ones, and distribution rights for 13 brands.

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