Birmingham-based sports retailer Hibbett is set to be acquired by U.K.-based JD Sports in a deal worth $1.08 billion. The acquisition will create a company with combined revenue amounting to $5.80 billion. The U.K. company stated that acquiring Hibbett will help accelerate its growth plans in the U.S., particularly in the South.
Régis Schultz, CEO of JD Sports Fashion Plc, expressed that the acquisition aligns with the company’s strategic priorities and is crucial for its strategic and financial development. This move will enhance JD Sports’ presence in North America and reinforce its Complementary Concepts division. Hibbett’s store footprint complements JD Sports, providing a stronger presence in the southeastern U.S. where JD Sports currently has limited reach.
Hibbett, a company with over 75 years of history, operates 1,169 stores in 36 states across the U.S. In 2023, the company saw net sales of $1.73 billion. Despite the acquisition, Hibbett President and CEO Michael Longo and Executive Vice President of Merchandising Jared S. Briskin will continue with the company. Longo joined Hibbett in 2019 through the acquisition of City Gear, where he held the position of CEO.
Once the deal is finalized in the second half of the year, Hibbett will become a part of the JD Sports family of athletic footwear and fashion retail brands, ending its reign as a publicly traded company. Longo expressed excitement about the partnership with JD Sports, highlighting the shared commitment to serving communities and customers effectively. This acquisition is seen as a new chapter for both companies, with the potential to enhance their customer-oriented mission in the years to come.