Signa Sports United (SSU), the Berlin-based sports e-commerce and technology platform, completed its previously announced business combination with Yucaipa Acquisition Corporation. The combined company will operate as Signa Sports United, and its common stock will begin trading under the symbol “SSU” on the NYSE on December 15, 2021.

The business combination was approved by Yucaipa’s stockholders in a special meeting held on December 13, 2021.

Stephan Zoll, CEO, said, “This transaction is a milestone event for Signa Sports United, providing capital to bolster our position in the rapidly growing sports e-commerce & technology space and continue our expansion in Europe as well as into the United States. SSU is committed to a strategy of long-term value creation, and we are pleased to begin our journey as a public company to unlock the full potential of our platform and infrastructure.”

SSU listed key attributes to its business model:

  • Business model supported by long-term megatrends in the large, fragmented sports retail market with high long-term growth in focus verticals;
  • Market-leading sports specialist webshop brands with >7 million active customers;
  • Track record of robust, double-digit organic growth with demonstrated ability to enter new markets;
  • Attractive financial profile evidenced by proven unit economics and expanding margins;
  • Opportunity to introduce new business models with accretive, technology driven platform and ecosystem expansion; and
  • Clear path to global scale with unique global consolidation opportunity based on proven playbook

In conjunction with the close of the business combination, SSU has also finalized the acquisition of the WiggleCRC Group, which SSU says “creates the world’s largest online bike platform.”

Zoll added, “The acquisition of WiggleCRC is a huge strategic achievement for us, strongly complementing our geographic footprint and providing various synergies in the bike category. We are delighted to welcome the Wiggle Chain Reaction Cycles team to our group and are looking forward to mutually expand our position as the leading global bike online platform.”

Mike Özkan, designated chairman of the board of SSU, added, “Today, Signa Sports United emerges as a global leader in sports e-commerce & technology poised to accelerate its expansion. With the closing of the business combination as well as the WiggleCRC acquisition, SSU is taking its next step to further accelerate its global expansion as an NYSE-listed company. The listing will allow the company to accelerate the strategic consolidation of the sports e-commerce & technology sector.”

Citi acted as the lead financial advisor to SSU. Moelis & Company LLC acted as lead financial advisor to YAC. Jefferies acted as capital markets advisor to YAC. Citi and Jefferies LLC acted as co-placement agents on the PIPE. Skadden, Arps, Slate, Meagher & Flom LLP acted as lead legal advisor to SSU, and Kirkland & Ellis LLP acted as lead legal advisor to YAC.

Photo courtesy SSU