Footgear quick off the mark with acquisition of Edgars Active and High Key from Edcon
Issued by Gong Communications - Jul 16th, 10:19
Footgear – backed by Old Mutual Private Equity (OMPE) announced that it has acquired the Edgars Active and High Key chain stores, divisions of the Edcon Group, and leading retailers of branded sport and lifestyle footwear, clothing and accessories. The transaction remains subject to conditions precedent, including regulatory approvals.
The acquisition, funded by growth capital provided by OMPE – the direct private equity investing arm of Old Mutual Alternative Investments – marks a significant milestone in the expansion ambitions of Footgear, propelling it to become a key player in the South African branded sport and lifestyle market. Post the acquisition of Edgars Active and High Key, Footgear will employ more than one thousand staff members across its national store footprint.
Founded in 2001, Footgear's offering includes an array of branded sports lifestyle and performance footwear brands, as well as outdoor, casual and leisure footwear. The offering is family orientated, servicing men, women, and children and underpinned by high levels of customer service, in a unique retail experience delivered by an energetic and motivated staff complement.
Commenting on the announcement, Chumani Kula, Investment Principal at OMPE said: “Footgear’s acquisition of Edgars Active and High Key will significantly enhance the retailer’s scale and footprint across Southern Africa, effectively tripling the existing store base and on track to reaching a network of 200 stores. We look forward to supporting the management team as they roll out Footgear’s highly successful formula across all of the newly acquired stores.”
Neil Stephens, CEO of Footgear said: “The acquisition of Edgars Active and High Key represents a major landmark for Footgear, highlighting our own and our investor’s mutual confidence in Footgear’s business model and the markets in which we operate. Through this acquisition we are able to undertake the next steps in our expansion plans, supported by an enabling partnership with a market-leading private equity firm like OMPE.”
OMPE is a member of Old Mutual Alternative Investments, which manages over USD 4 billion in assets across private equity, infrastructure, and various impact funds and has offices in South Africa, West and East Africa.
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