Dick's Sporting Goods invests $32M in U.K. retailer
By Thomas Olson
Published: Thursday, April 5, 2012,
Dick's Sporting Goods Inc. agreed to make a strategic investment of about $32 million in JJB Sports plc, a U.K. sporting goods retailer that has more than 180 stores in the U.K. and Ireland, the Findlay-based retailer said.
The deal comes after Dick's acquired Top-Flite golf clubs and golf ball brands and intellectual property rights from Callaway Golf Co. for $20 million. Both transactions were announced late Wednesday.
In addition to its ownership stake in JJB Sports, Dick's will be entitled to nominate up to two non-executive members of the U.K. company's board.
"This is an exciting strategic investment that provides us with a valuable introduction into the workings of the United Kingdom sporting goods market from an established company that shares our commitment to serving the needs of core athletes," said Dick's CEO Edward Stack.
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