Foot Locker to Acquire German Athletic Retailer
May 09, 2013
New York-based Foot Locker Inc. has signed a definitive agreement to acquire Recklinghausen, Germany-based Runners Point Warenhandelsges mbH (RPG) for $94 million. Specialty athletic store and online retailer RPG is currently majority owned by the private-equity firm HANNOVER Finanz. RPG has a leading position in the German athletic retail market, operating more than 200 stores, with its most prominent banners being Runners Point and Sidestep. Most of the stores are in Germany, although there are also Runners Point and Sidestep stores in The Netherlands, Austria and Switzerland. The company’s CEO Otto Hurler and CFO Harald Wittig, along with other members of senior management, will remain with the company post-acquisition. Currently, Foot Locker operates 3,335 stores in 23 countries in North America, Europe, Australia and New Zealand, through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker and Champs Sports retail stores.