Athlete’s Foot owner RCG Corporation is buying the Accent Group, the exclusive distributor of Vans, Skechers, Dr Martens, Timberland, Stance, K Swiss, Stance and Palladium brands in Australia and New Zealand.
The purchase price for the New Zealand company will be six times earnings for Accent’s financial year ending April 30. The final price is expected to be between $180 million to $200 million.
The combined company will have 269 stores and 13 brand licences.
Sales will increase to $450 million from $267.7 million and net profit after tax to $26.3 million $12.3 million.
Here are the the brands held by each company:
Accent operates 97 stores, including single brand Skechers, Vans and Timberland stores as well the sneaker business, Platypus Shoes. Retail sales for the 12 months to December were $120 million. Distribution of shoe brands brought in $62 million.
RPC shares are in a trading halt. They last traded for $0.72.