Footgear – backed by Old Mutual Private Equity (OMPE), has acquired the Edgars Active and High Key chain stores, divisions of the Edcon Group, and retailers of branded sport and lifestyle footwear, clothing and accessories.
The transaction remains subject to conditions precedent, including regulatory approvals.
The acquisition, funded by growth capital provided by OMPE – the direct private equity investing arm of Old Mutual Alternative Investments – marks a significant milestone in the expansion ambitions of Footgear, the group said.
Post the acquisition of Edgars Active and High Key, Footgear will employ more than one thousand staff members across its national store footprint.
Founded in 2001, Footgear’s offering includes an array of branded sports lifestyle and performance footwear brands, as well as outdoor, casual and leisure footwear.
Chumani Kula, investment principal at OMPE said: “Footgear’s acquisition of Edgars Active and High Key will significantly enhance the retailer’s scale and footprint across Southern Africa, effectively tripling the existing store base and on track to reaching a network of 200 stores. We look forward to supporting the management team as they roll out Footgear’s highly successful formula across all of the newly acquired stores.”