Sports Direct grabs Everlast

UK retailer Sports Direct International has completed the $182.3m acquisition of Everlast Worldwide.
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The company said the deal is in line with its strategy of acquiring “brands whose heritage and core values are consistent with Sports Direct's existing group brands portfolio."

The deal will see it accelerate new product development in boxing and related fitness categories and also gives the firm a foot in the door of the US market where it has a limited presence, to launch some of its other brands and tap in to Everlast's US distribution network.

In June, Everlast terminated an agreement to be sold to an investment consortium headed by The Hidary Group for $146m, in favour of a higher offer from Sports Direct subsidiary Brands Holdings.

A month later Hidary attempted to get back in the bidding for Everlast, but Sports Direct covered Hidary's sweetened offer by raising the purchase price to over $182m. Everlast Worldwide settled a lawsuit with Hidary over the merger last month.

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