UK-based JD Sports is to acquire Birmingham-based Hibbett in a deal worth $1.08 billion. The acquisition will create a company with combined revenue of $5.80 billion, marking a significant step for JD Sports in expanding its presence in the US, particularly in the South.
According to Regis Schulz, CEO of JD Sports Fashion Plc, the acquisition of Hibbett is in line with the company’s strategic priorities and growth objectives. The deal will enhance JD Sports’ footprint in North America and strengthen the Complementary Concepts division. Hibbett’s network of 1,169 stores in 36 US states will complement JD Sports’ existing presence, particularly in the Southeast region where they have limited reach.
Current President and CEO, Michael Longo, along with Executive Vice President of Merchandising, Jared S. Briskin, will remain with the company after the purchase. Longo expressed his excitement about joining forces with JD Sports and the opportunities it presents for their brands and customers.
Hibbett, a company with over 75 years of history, will generate $1.73 billion in net sales in 2023. The deal is expected to be finalized in the second half of the year after which Hibbett will become part of the JD Sports family of athletic footwear and fashion retail brands. As a result, Hibbett will no longer be a publicly traded company, marking a new chapter in its journey under the ownership of JD Sports.