Sportswear and apparel retailer Frasers, owned by billionaire Mike Ashley, said on Tuesday that it has bought South African sporting goods firm Holdsport Group from Old Mutual Private Equity and Holdsport’s management.
Holdsport has 88 stores across South Africa and Namibia and is home to sporting goods chain Sportsmans Warehouse and adventure retailer Outdoor Warehouse, Frasers said in a statement.
It did not disclose the financial details of the deal.
The acquisition includes Holdsport’s infrastructure, including warehouses and offices in Johannesburg and Cape Town, as well as a factory that supports local manufacturing and distribution.
Ashley, 59, is one of Britain’s most prominent entrepreneurs, known for taking positions in retailers, including Tesco, Adidas and Hugo Boss.
The Holdsport deal comes shortly after Frasers announced a significant investment in Malta-based retail firm Hudson Group, which operates the stores and distribution of major global brands in Europe and North Africa.
Last week, Frasers, the top investor in Boohoo, urged the online fashion retailer to oust co-founder Mahmud Kamani as a director after he was removed as chair in the latest board change at the group.
Separately, Kamani raised his stake in Boohoo to 12.50% after buying 16.5 million shares in a fundraising round, Boohoo said in a filing on Tuesday.
Source: Reuters.com