Signa Sports United, Europe’s sports commerce platform, has entered into a business combination agreement with Yucaipa Acquisition Corporation, a publicly traded special purpose acquisition company (SPAC) led by Chairman and President Ron Burkle and CFO and COO Ira Tochner. The combination also includes the acquisition of the WiggleCRC Group, an online global bike retailer, currently owned by Bridgepoint.
The combined entity has projected net revenue of approximately $1.6 billion in the financial year ending in September 2021, serving over 7 million customers, more than 1,000 brand partners, more than 500 connected retail stores, and more than 15 million global sports community users.
“We’re proud and excited by this next chapter in SSU’s growth story. Becoming a listed company allows us to continue capturing market share in Europe and to accelerate our U.S. and international expansion while scaling our platform solutions,” said Stephan Zoll, CEO, SSU. “We also look forward to welcoming WiggleCRC to our SSU family. The acquisition enhances our global online leadership, especially in the bike category. Our focus on growth and internationalization coupled with our platform approach drives significant scale benefits.”
“SSU is a global leader in the fastest-growing sports categories and is well-positioned for continued success as a public company,” said Ron Burkle, chairman and president, Yucaipa. “With its technology platform and a combination of scale, international growth and profitability, we expect SSU to grow its leadership positions and accelerate its global expansion. We look forward to becoming shareholders and partnering closely with the talented SSU team on this exciting journey.”
The company said that “ver the twelve-month period ending March 31, 2021, SSU’s largest segment, Bike & Outdoor, achieved an Adjusted EBITDA margin of approximately 10 percent in its core DACH markets while growing approximately 40 percent in revenue compared to the prior-year period. In the rest of Europe, growth exceeded 60 percent in revenue compared to the prior-year period.”
Photo courtesy Signa Sports United
