PPR ANNOUNCES SALE OF REDCATS' SPORTS & LEISURES ACTIVITIES TO NORTHERN TOOL + EQUIPMENT (NTE)
PPR (Gucci, Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Stella McCartney, Sergio Rossi amongst others) announced today that Redcats has signed an agreement to sell to Northern Tool + Equipment (NTE) the Sports & Leisure activities of Redcats USA consisting of The Sportsman’s Guide, Inc. and The Golf Warehouse, Inc., for an enterprise value of USD 215 million.
The sale of the Sports & Leisure Group of Redcats USA would constitute a further step forward in the transformation of PPR into a global leader in apparel and accessories, within the Luxury and Sport & Lifestyle sectors and in turn would give The Sportsman’s Guide and The Golf Warehouse brands the opportunity to join a strategic partner with activities highly complementary to theirs, thus assuring them with very interesting growth perspectives.
The Sportsman’s Guide, The Golf Warehouse and Northern Tool + Equipment would continue to run as stand-alone retail brands and businesses, while benefiting from common commercial opportunities, synergies and large economies of scale.
Founded in 1981 and headquartered in Burnsville, Minnesota, Northern Tool + Equipment (NTE) is a leading global direct-to-consumer retailer selling tools and power equipment through catalogs, the internet and 80 retail stores located in the USA.