The sports retail group Intersport Deutschland eG announced on Wednesday the sale of Sport Voswinkel GmbH & Co. KG to the Italian retailer Cisalfa Sport SpA.
A corresponding agreement has already been signed, explained Intersport Germany. The transaction, which includes all 50 Sport Voswinkel branches as well as the company headquarters, is expected to be completed later this year. Both parties “agreed not to disclose” the purchase price, according to a statement.
Cisalfa Sport is also part of the international Intersport association. With more than 150 stores across the country, the company is “the largest Italian sports retailer,” said Intersport Deutschland. As part of a long-term partnership, “Cisalfa Sport and Intersport Voswinkel will continue to receive the services of Intersport Deutschland”.
The trading association wants to use the sales proceeds for “further future investments”.
Intersport Deutschland justified the sale of Sport Voswinkel by saying that its own strategy was “not geared towards own retail”. “We will use the proceeds from the sale of Sport Voswinkel for our association’s further future investments and will therefore benefit all affiliated companies,” explained Thomas Storck, CFO and deputy CEO of Intersport Germany, in a statement.
Storck welcomed the solution that has now been found: “We are very happy that, together with the management, we have successfully brought Sport Voswinkel back on track for growth in recent years and made it profitable,” he explained. “We are sure that we have found the right buyer for Sport Voswinkel who has the necessary know-how and the financial resources necessary to make Sport Voswinkel grow.”