PARIS — François-Henri Pinault fulfilled his wish to make an acquisition in the U.S. for PPR's mail-order giant, Redcats.
On Friday, Redcats USA Inc. said its subsidiary, VLP Corp., had acquired all outstanding shares of The Sportsman's Guide Inc. in a transaction valuing the company at $265 million.
Based in St. Paul, The Sportsman's Guide sells outdoor and golf clothing and equipment and footwear through catalogues and Internet sites. Redcats said Sportsman's chief executive officer, Greg Binkley, would continue in his position following the merger.
The deal, not subject to financing, is expected to close in the third quarter of the year, pending shareholder approval.
Speaking to analysts last March, Pinault said he would pursue only "strategic acquisitions," and that a nonclothing operation with a solid Internet presence in the U.S. was a priority for Redcats.
Redcats markets apparel and home products under a variety of banners, including Chadwick's, Roaman's, Jessica London, KingSize and Brylane Home. Redcats Group, which PPR bills as the third-largest cataloguer of apparel and home products in the world, in the first quarter posted revenues of 1.07 billion euros, or $1.29 billion, up 1.2 percent.
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