JD Sports
JD Sports expects the acquisition to boost its offering in the outdoor business Getty

Sports retailer JD Sports announced on Monday (28 November) it has completed the acquisition of privately owned outdoor clothing specialist Go Outdoors, as it plans to expand in the outdoor market.

The FTSE 250-listed group paid a total of £128.3m ($140.3m, $150m), including £112.3m in cash and assumed £16m of debt, for the Sheffield-based company, which operates 58 stores across the country, mostly based in out-of-town retail parks.

JD Sports is an already established brand in the outdoor market, catering to campers, hikers and walkers through Blacks, Millets, Ultimate Outdoors and Tiso brands, but the deal is expected to boost its profile in the business even further.

"Go Outdoors is a great addition to our existing outdoor business," said group chief executive chairman Peter Cowgill.

"The minimal overlap in store locations and their out-of-town, one-stop retailer approach complements the work we have done on the high street with Blacks and Millets and further strengthens our offering in the outdoor sector. I am excited by the future prospects this holds for the JD Group."

In the 53 weeks to 31 January 2016, Go Outdoors, which is backed by private equity firm 3i Group, reported revenue of £202.2m, while operating profits and profit before tax stood at £6.1m and £4.9m respectively and the company had gross assets of £76.4m at the year end.