Sports retailer Lifestyle Sports has been acquired by Stafford Holdings, a family-owned company with interests in property and fuel distribution, for an undisclosed sum.
Lifestyle Sports, which was the subject of a managemnet buyout from Tesco in 1997, recorded sales of €145 million in the year to October 2005. The retailer employs around 900 people in 71 shops nationwide.
Stafford Holdings is mainly involved in the oil and solid fuel business with additional interests in hotel, property and port services.
The acquisition is in line with the company's stated strategy of seeking acquisition opportunities in new sectors which offer strong growth potential, while maintaining a strong commitment to its current portfolio of businesses. Commenting on the deal, Mark Stafford, chief executive of Stafford Holdings said "Lifestyle Sports is a successful company in a growth sector, it has a strong brand and a market leading position.
The prospects for further growth are excellent given its inherent attributes and, as such, it is an ideal diversification vehicle for Stafford Holdings."
Stafford Holdings employs over 350 people and counts the Glenview Hotel in Co Wicklow, Campus Oil, Stafford Fuels and Aztec Properties among its holdings.
The group had had a turnover of over €230 million in 2004.