MACINTOSH TO ACQUIRE SCAPINO
[BIZ: Maastricht, February 2] With 184 stores, Scapino is the largest shoe discounter in the Netherlands, offering a product range consisting of shoes for the whole family in addition to clothing (25%) and bags and accessories (some 10%). The stores have average floor space of 800 m² and are situated at A2 and B1 locations in town centres. In Belgium, Scapino operates 25 stores on the outskirts of towns, while 7 outlet stores are located in Germany. With approximately 2,950 staff, Scapino is expected to achieve retail sales of some EUR 220m for the financial year 2005 (ending on 31 January 2006). Scapino has had a track record of profitability for many years. The acquisition of Scapino fully matches Macintosh Retail Group’s strategy to achieve growth at existing retail chains and acquire substantial, long-term profitable companies in the shoe and home decoration sectors in particular. Scapino’s discount stores are complementary to the Dolcis, Manfield, Invito and PRO sport shoe formulas of Macintosh Retail Group. These retail chains operate in the mid-range and higher segments of the shoe market and achieve retail sales of some EUR 165m from 221 stores at A1 locations. Together, the five retail chains will form the largest shoe retailer in the Netherlands, with a market share of some 13%. It is expected that, in due course, Scapino will benefit from the direct procurement facilities of Macintosh Retail Group in the Far East. Scapino has ample potential for growth in the Netherlands and Belgium and expects to open some 25 stores in total in the next 3 years. The planned acquisition is expected to be financed in full through Macintosh Retail Group’s own borrowing capacity. Taking the foreseen financing charges into account, Macintosh Retail Group expects a direct positive contribution to net earnings per share from the acquisition. Both companies are convinced that the acquisition will create a healthy basis for the further growth of Scapino. Following the sale of Scapino, Retail Network will consist of the Perry Sport, Prenatal, Kijkshop, Lucardi and Siebel Juweliers formulas, with a total of 438 stores in the Netherlands.
Macintosh Retail Group has reached an agreement in principle with Retail Network on the proposed acquisition of shoe retailer Scapino by Macintosh Retail Group. If the relevant procedures are completed successfully and the acquisition is approved by the General Meeting of Shareholders of Macintosh Retail Group, the acquisition can be effected retroactively on February 1, 2006. The acquisition of Scapino will make a direct positive contribution to net earnings per share of Macintosh Retail Group.
http://www.macintosh.com