Old Mutual-backed Footgear acquires Edgars from Edcon Group.

Old Mutual Private Equity(OMPE)-backed Footgear, a leading retailer of clothing, and accessories acquires Edgars Active and High Key, a popular retailer of branded sports and casual clothings and footwear from Edcon Holdings. Financial terms were not disclosed. The transaction remains subject to conditions precedent, including regulatory approvals. The deal would give Footgear 180 stores and help Edcon restructure debt after it secured $191 million to recapitalize the business in March. Edcon is seeking to simplify its offering by reducing the number of different store brands it operates and reduce floor space following a bailout from investors and landlords. “Footgear’s acquisition of Edgars Active and High Key will significantly enhance the retailer’s scale and footprint across Southern Africa, effectively tripling the existing store base and on track to reaching a network of 200 stores. We look forward to supporting the management team as they roll out Footgear’s highly successful formula across all of the newly acquired stores.” Chumani Kula, OMPE Investment Principal.