Foot Locker is buying German Runners Point for about $94 million

Foot Locker has agreed to buy German athletic retailer Runners Point Warenhandelsges mbH for 72 million euros, or about $94 million, in cash.

Runners Point, based in Recklinghausen, Germany, is currently majority owned by private equity firm Hannover Finanz. The company's chief executive officer, Otto Hurler, and Chief Financial Officer Harald Wittig own the balance of the company.

Hurler and Wittig, along with other members of senior management at Runners Point, will remain with the company after the acquisition. The transaction is subject to review by merger control authorities in Germany.

Runners Point is the leading athletic retailer in Germany, with more than 200 stores under the Runners Point and Sidestep banners, as well as an online subsidiary, Tredex. The company had sales of 197 million euros, $254 million, in 2012. Most of the company’s stores are in Germany, although there are Runners Point and Sidestep stores in The Netherlands, Austria, and Switzerland. Most of the stores are owned and operated by Runners Point, while 28 stores are operated by franchisees.

Foot Locker said the purchase amount will be paid to Runners Point sellers and to its primary creditors, which will leave Runners Point substantially debt-free.

Foot Locker Chairman and CEO Ken C. Hicks said the acquisition will strengthen the company’s position in Germany and further diversify and expand its European business. The company also plans to use Tredex's strong digital capabilities to accelerate growth in its European e-commerce business.

Foot Locker operates 3,335 stores in 23 countries in North America, Europe, Australia, and New Zealand.

Foot Locker goes Einkaufen