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JD Sports has announced the acquisition of US-based Shoe Palace, purchasing 100% of both the issued shares in the Shoe Palace Corporation and the members’ interests in Nice Kicks LLC.
The total cash consideration for the acquisition is $325m ($244m), which is subject to regulatory approval.
Based in California, Shoe Palace was established in 1993 by the Mersho family and currently operates 167 stores.
In the year to 31 December 2019, the business generated revenues of $435m (£327m).
The Mersho family will continue to manage Shoe Palace, although the intention is that from next year, the JD Finish Line and Shoe Palace teams will begin to “share ideas and best practices” going forward.
Peter Cowgill, executive chairman of JD Sports Fashion, said: “’We are delighted to have completed the acquisition of Shoe Palace.
“The Shoe Palace team are ambitious, have great energy and pride themselves on their consumer connection and we welcome them to the group.”
He added: “We are confident that our combined fascias will provide us with the flexibility and expertise to fulfil our mutual ambition of becoming a prime customer destination for sneakers and lifestyle apparel in the United States.”
George Mersho, CEO of Shoe Palace, said: “We could not imagine a better way to continue to build on the legacy of our family business.
“Through this combination with JD and Finish Line in the US, we have gained a strong global partner. We look forward to being part of the JD family and continuing to serve our customers and communities for many years to come.”
