Bury based JD Sports has unveiled a move into Spain in a joint venture with the Sprinter chain. This comes with the acquisition of a majority stake in one of the country's leading sports retailer. The Sprinter Group has 47 stores in the south east of Spain.
JD has invested 20 million euro (£17.7 million) for a 50.1% stake in a new joint venture company that will take over Sprinter's shops, while the stake held by its existing family owners will be reduced to 49.9%. JD will expand the Sprinter chain with stores more like the UK but utilising Sprinter's existing infrastructure.
Sprinter was founded in 1981 and sells branded and own-brand footwear, clothing and accessories as well as sportswear equipment and lifestyle casualwear.
In the year ended December 31, 2009 Sprinter had a consolidated turnover of €80m and pre-tax profit of of €2.1m. The net assets at acquisition are about €5m.The remaining 49.9% of Sprinter is owned equally between its founding family, the Segarra family, and investors the Bernad family.