The waters are coming down in turmoil Iberian Sports Retail Group (ISRG), company sprinter owner and running J arrays as wellD Sports, Sports Zone or online portal dervillage in Spain, Portugal and the Netherlands. A sports fashion distribution giant Full expansion with close to 500 points of sale.
Minority shareholders of the group – segarra familyoriginally from Elche and co-founder of Sprinter and Portuguese to the end– we decided to do the so-called exercise “buy or sell option” Containing the partnership agreement signed in 2018, British JD well buy their joins or sell their packs. A complete “divorce” petition.
This is reflected in: notifications that both JD and Sonae sent to rtheir respective regulators which they also posted to the media, pointing to disagreements over the company’s strategy.
The Portuguese company specifically stated in its communication that “minority shareholders’ decision to use this option is a part of Change in relationship with JD Groupdue to its recent position in the development of the retail business for the sale of sporting goods and sports fashion, Significantly influence ISRG’s growth strategy and options“.
From now on, a period of negotiation opens where JD must decide which option to use or not, according to Sonae, there will be minority shareholders exercising their right to buy or sell at their discretion, in accordance with terms set at their own time. . In any case, The decision is expected in the second half of the year.
The British multinational company, on the other hand, points out that the process can be resolved without the United States. no ownership changes.
Announcement comes the same day JD also communicated its intention to acquire French group Courir. With 313 stores spread across various European countries, including 24 in Spain and five in Portugal. It’s an operation that the firm itself values at 520 million euros.
In the same statement the British group notifies its decision to implement the buy or sell provision of minority partners in Spain and Portugal, and It frames the ownership of its European subsidiaries in the process of simplifying. Thus, JD Sports Fashion shows that the remaining 20% of the acquisition in Germany has been completed.
Metin also stated that CEO Régis Schultz said, “It’s a good idea to have more control over the long-term development of JD and to prioritize the development of the JD brand. The pillar of our strategy in Europe. It will give us a simpler decision-making process that will enable us to use our assets more efficiently.”
In 2011, British JD bought 50.02% of Sprinter’s shares. A chain of clothing and sporting goods stores created by the Segarra family from Elche. After rapid growth, In 2017 they decided to join a joint venture with Portugal Sonae, It led to the creation of the ISRG group, which also brought together the management of the JD, Sport Zone, Deporvillege, Perry and Aktie chains in Spain, Portugal and the Netherlands.
conglomerate last year 1,257 million euros billedAfter growing 40.7%, it achieved 128 million euro ebitda. Last Friday, Sprinter opened its first mega-store in Alcorcón and also launched Deporvillege’s first physical establishment.