JD Sports acquires Champion

UK sportswear and equipment retailer JD Sports announced today that it has acquired 100% of the shareholding of Dublin-based Champion Sports.

The takeover is conditional on approval from the Competition Authority.

Founded in 1992, Champion has 22 stores in Ireland and one in the North. JD currently has eight shops in the Republic.

For the year ended 31 December 2009, Champion had a turnover of €54.0m and gross assets of €36.2m.

"The JD Board expects that the Champion acquisition will be earnings enhancing in future years after investment in the store portfolio and the realisation of operational synergies," a statement said.

Champion's management team, headed by CEO John Quinn, will remain in place.

“We are very pleased to announce that we have exchanged contracts for the acquisition of Champion, which will give us an enhanced presence in the Republic of Ireland," JD Executive Chairman Peter Cowgill said

"By drawing on the current management team’s expertise and local knowledge, we are confident that this acquisition will bring financial benefits in the future.”