Fishing equipment retailer Angling Direct, based on the Rackheath Industrial Estate, has bought one of the largest specialist tackle stores in Europe in a £3m deal, assisted by Leathes Prior’s Corporate Team.
Fosters, which trades as Fosters of Birmingham, currently operates as one of the largest fishing tackle retailers in Europe. The business, which generated revenues of around £5.9m last year, was established over 30 years ago and is based in a 17,000 sq. ft. superstore located on the outskirts of Birmingham.
The deal increases Angling Direct’s presence in the Midlands, alongside its Halesowen and Willenhall stores, and takes the store network to 17.
Following completion of the acquisition, Mark Foster will remain with Fosters for a few weeks to ensure a smooth handover. Fellow director, Richard Foster, will continue to work in the business on a part-time basis.
Darren Bailey, CEO of Angling Direct, commented:
“Fosters is a long-established and very successful business with a loyal customer base and knowledgeable team. The acquisition will be earnings enhancing from day one and validates Angling Direct’s long-term strategy – to consolidate the fishing tackle market whilst expanding our business through acquisition.
We look forward to working closely and supporting the Fosters' team with the integration over the coming months.”
Leathes Prior Corporate Team members, Paul Warman, Alex Saunders and Nina Ryan advised Angling Direct Plc on the transaction.
Head of the team Paul Warman said:
“Having advised the company on its fundraising through the AIM admission in July this year, it is excellent to have been able to assist them so rapidly in starting to implement their stated acquisition strategy and we anticipate that this will be the first of many.”
Irwin Mitchell’s Corporate Team advised the shareholders of Fosters Fishing Limited on the deal.