Dutch firm Macintosh Retail Group has agreed a takeover deal for footwear and accessories retailer Jones Bootmaker, it was confirmed today.
For an undisclosed fee, the owner of the UK-based shoe outlets Brantano has bought all of the shares in the 93-store retail chain which has been trading since 1857.
Jones Bootmaker employs more than 1,600 staff members across the country, sells around two million pairs of shoes annually for an approximate sales total of £95 million.
Peter Phillips, Chairman of Jones Bootmaker, commented: “We are pleased that Jones Boot Maker has been acquired by a company with a proven track record in the footwear market.
“We are convinced that both companies share the same vision on the sale of quality shoes and excellent customer service that comes with it. We expect that the acquisition will have a positive impact for our customers, employees and suppliers.”
The purchase fits with Macintosh’s growth plans, with 150 Brantano stores already filling substantial out-of-town retail space, the primarily city centre and shopping centre based Jones outlets will expand the group’s reach in the UK.
In the next two to three years Macintosh expects to add a further 15 new Jones stores in the UK and estimates its footwear market share in the country now stands at around four per cent.
Frank Moore, Macintosh Retail Group CEO, added: “We are delighted that our strategy is enhanced by this acquisition. The UK, alongside the Netherlands, Belgium and Luxembourg, is the fourth country Macintosh Retail Group is able to grow its fashion offering.
“This acquisition provides opportunities to suppliers and makes the Jones Boot Maker expertise available to our other shoes formulas. I am convinced that the dynamism and growth potential in fashion retail will now be further enhanced.”
Macintosh has confirmed that the acquisition was financed using the borrowing capacity within its existing credit facility and expect the takeover to have a positive contribution to earnings-per-share in 2011.
Last month another UK high street footwear retailer Office was acquired by European private equity firm Silverfleet.