Aurelius to buy Footasylum following antitrust ruling

The business is expected to generate total revenues of more than EUR 340m (GBP 287m) with an "attractive" EBITDA margin, according to a statement by Aurelius.

The transaction, expected to close in August, will be completed by Aurelius' mid-market co-investment structure, which comprises its mid-market European Opportunities IV vehicle and lower midmarket Equity Opportunities strategy. Aurelius raised EUR 360m for its European Opportunities IV fund last April.

JD Sports acquired Footasylum in March 2019 in a GBP 90.1m cash offer, but the UK's Competition and Markets Authority subsequently instructed the sporting group to divest Footasylum last November after its in-depth investigation identified substantial reduction in competition and a worse deal for Footasylum's customers.

Aurelius will work with Footasylum's management team to enhance digitalisation, while also continuing to build on its prominent high street presence, it said in the statement.

Company
Founded in 2005, Rochdale, UK-headquartered Footasylum is an omni-channel retailer of fashion streetwear and sportswear with 63 stores in the UK. It sells a mix of footwear, apparel and accessories through stores, websites and a wholesale channel.

People
Aurelius – Dirk Markus (founding partner) Tristan Nagler (partner).

Advisors
Buyer – Lincoln International (corporate finance and debt advisory), OC&C (commercial), Baker & Mackenzie and DLA Piper (legal), EY (tax).


[Editor's note: Subsequent to publication, the first paragraph has been amended to describe Aurelius as a special situations advisor.]

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