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Major footwear chain buys Hype DC

Major footwear chain buys Hype DC

Two firms have advised on the full acquisition of an Australian sneaker retailer, which has 60 stores across the country.

Firms: Arnold Bloch Leibler (RCG Corporation); Landerer & Company (Hype DC)

Deal: RCG Corporation acquired 100 per cent of the shares in Hype DC.

Value: Approximately $105 million

Area: M&A

Key players: Arnold Bloch Leibler partner Jeremy Leibler led the legal team advising RCG Corporation, together with senior associate Gavin Hammerschlag and graduate Kelly Seo. Banking and finance partner Nathan Briner, special counsel Laila De Melo and lawyer Anna Tallis also acted for RCG on the financing aspects of the transaction. Landerer & Company director Mark Houston (pictured) and managing director Andrew Steiner acted for Hype DC.

Deal significance: Hype DC is an Australian retailer of branded athleisure and style footwear that operates 57 Hype DC and three Shubar stores across Australia. In addition, Hype DC operates a fully integrated online business under both the Hype DC and Shubar banners.

RCG is an investment holding company that owns and operates a large number of footwear and apparel businesses, including Athlete’s Foot, Vans and Dr. Martens.

The RCG board believes the company’s acquisition of Hype DC will be highly beneficial for a number of reasons, including earnings accretion, portfolio diversification, opportunities of scale and enhanced vertical strategy, according to a statement from the company.

Under the acquisition by RCG Corporation, Hype DC founders Danny and Cindy Gilbert will continue to manage the business on a day-to-day basis, and Mr Gilbert will join the RCG board as an executive director.

It is envisaged that no changes will be made to the existing operating structure of either the RCG businesses or Hype DC in the short term, until the combined management team is confident that any proposed changes will have corresponding benefits, the statement confirmed.

“Hype is an outstanding business that is perfectly aligned to RCG’s strategic objectives,” RCG CEO Hilton Brett said.

“Bringing Hype into the RCG family will unlock enormous benefits and opportunities for all the stakeholders of both businesses, including staff, suppliers, customers and RCG shareholders.”

 


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Major footwear chain buys Hype DC
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