ACT Venture Capital in November completed the IRGBP 18 million (ecu 23.6 million) buyout of Lifestyle Sport, a major deal in the context of the Irish buyout market.
Lifestyle Sport is the largest sportswear retail chain in Ireland, with 49 shops operating throughout both the Republic and in Northern Ireland, and a leading market position in sports footwear, clothing and equipment. Set up as part of the Power Supermarkets group which was acquired by Tesco in an IRGBP 650 million deal last year, Lifestyle Sport employs 420 staff and has a turnover of around IRGBP 40 million.
The buyout opportunity arose as Tesco saw the sports division as non-core to the main Power Supermarkets business and put it up for sale. The MBO succeeded in the face of competing bids from both Irish and UK trade purchasers.
ACT invested IRGBP 8 million for a majority stake in Lifestyle Sport, and Ulster Bank Markets provided debt facilities totalling IRGBP 10 million. Andrew Sharkey, who founded Lifestyle Sports within Power Supermarkets, leads the management team. He is supported by Andrew Towell and Harry Kenny, both senior executives within Power Supermarkets prior to the deal, and finance director Tony McIntee.
The new owners intend to open a number of additional stores over the next three years and grow the chain’s market share, currently running at 15%, in preparation for a possible flotation.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: