Clothing maker IC Companys has signed an agreement to buy all shares in Adventure Sport & Leisure AS (ASL), the Peak Performance distributor in Norway.
The acquisition gives Peak Performance full control of sales and a strong and well-functioning platform for continued growth in a near market. The acquisition is expected to become effective on 1st July 2006 and is conditional upon satisfactory due diligence.
ASL has handled the distribution of Peak Performance in Norway since 1992 and, during that period, the company has built up a strong position on the Norwegian market with substantial wholesale distribution and three own retail concept stores.
ASL's annual revenue is DKK 65 million with very satisfactory profit. The purchase price is DKK 25 million, most of which is goodwill. The acquisition will be made for cash consideration.
ASL's management and sales organization will continue without any change, and ASL will be integrated in IC Companys' sales subsidiary platform. The plan is to complete the integration in the autumn of 2006, and no material restructuring costs are anticipated.
The acquisition does not change IC Companys' forecasts of revenue, operating profit and cash flows for the financial year ending 30 June 2006, and the expected share buyback programmes for 2005/06 are expected to be completed as planned.
IC Companys A/S is a Danish public limited company created through the merger of Carli Gry International A/S and InWear Group A/S on 30 April 2001. It designs and sells a strong product portfolio of clothing targeting quality-conscious women and men all over the world under the brands of Jackpot, Cottonfield, InWear, Matinique, Part Two, Peak Performance, Saint Tropez, Designers Remix Collection, Soaked in Luxury, Tiger of Sweden and By Malene Birger.
IC Companys has 207 company-owned shops in 13 countries and 30 factory outlets. The number of distribution points is 9,173, of which some 500 are third-party concept stores.
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