Philips SportsGroup (PSG), the world’s largest sports retailer, has entered into a definitive agreement to acquire the Hakes Sporting Goods Company.
The transaction, expected to close this month, will result in Hakes sporting gear, footwear and apparel brands including Adidas, Adidas Originals, Hennessey, Nike, Reeds, and Nike+ brands, as well as other assets.
The transaction is expected to be completed by the end of the first quarter of 2019.
“Hakes is a well-known brand that has been a cornerstone of the global sports apparel industry for nearly 25 years,” said Peter Liguori, CEO of Philips Sports.
“We believe that this acquisition will provide Hakes with additional content and value in a growing sports apparel market.
We will continue to build upon the brands’ long-standing relationships with key retailers.”
Hennessey was founded in 1960 in London and has sold over 70 million pairs of clothing, footwear, accessories, and other sporting gear and apparel since 1975.
It currently operates brands including Nike, Adidas, Nike Originals and Reeds.
In addition to its existing business in North America, the company has operations in Europe, Asia and Australia.
Nike is a registered trademark of the Nike Group, Inc.
In a statement, Philips Sports said that the Haes Sports brand will continue as a global brand with a focus on the world of sport.
“It’s a great opportunity to bring together Hakes’ brand, brand heritage and heritage in a way that’s going to deliver value to our shareholders and create long-term value for our employees,” said Lig.
“I am pleased to announce that the acquisition of Haes Sporting Goods is a great result of our strategic thinking and the synergies we’ve built,” said Michael L. Johnson, President and Chief Executive Officer of Haases Sporting Goods.
“The Haes brand will now have a place in the world, and we look forward to continuing to support the brand and to expanding our reach.”
Pegatron and the Haese brand have an annual sales of more than $2 billion.
Hennesseys brand has more than 2,300 stores and has a sales volume of $3.2 billion annually.
For more information, visit: http://www.haes.com/philippes-sports-group-s-gains-brand-brand