JD Sports Fashion Plc said it completed its acquisition of DTLR Villa LLC.
Peter Cowgill, executive chairman, JD Sports, said, “We are delighted that this transaction, which gives us an enhanced presence in the North and East of the United States, has now formally completed. We look forward to working with the experienced management team at DTLR and all our colleagues in the United States to further enhance our premium retail experience and become a leading customer destination for sneakers and lifestyle apparel.”
Glenn Gaynor, Co-CEO of DTLR, added, “The DTLR Team looks forward to being part of the JD family. We are excited for the future and eager to work alongside JD to enhance DTLR’s connection with the consumer and the communities we serve.”
On February 1, JD Sports said it entered into a conditional agreement for the acquisition of DTLR, an athletic footwear and streetwear retailer based in Baltimore, MD, for a total cash consideration of $495 million. At the time, DTLR operated 247 stores across 19 states, principally in the North, South and East of the United States.
Of the purchase price, approximately $100 million will be used to repay the existing indebtedness of the company.
The acquisition of DTLR will enhance JD’s presence in the North and East Coasts of the United States complementing its existing JD and Finish Line and the recent acquisition of Shoe Palace based on the West Coast. The acquisition follows December’s acquisition of Shoe Palace for $325 million in cash.
JD Sports marked its entry into U.S. retailing with its acquisition of Finish Line in 2018.
Photo courtesy JD Sports
