Sportswear giant JD Sports has snapped up US trainer retailer Shoe Palace for 325 million dollars (£243.8 million).
The move is the Bury-based retailer's latest expansion into the US and it said the deal "complements" the Finish Line shoe-store chain it bought in 2018.
JD said the purchase would help to grow its footprint across the US west coast and increase its appeal among Hispanic and Latino shoppers, who form a significant proportion of Shoe Palace's sales.
The deal sees JD Sports Fashion Plc's holding company in the US, Genesis Holdings Inc, acquire 100% of both the issued shares in the Shoe Palace Corporation and the members' interests in Nice Kicks LLC, which is operated by four brothers from the Mersho family.
Based in San Jose, California, Shoe Palace was established in 1993 by the Mersho family and currently has 167 stores, the vast majority of which trade under the Shoe Palace banner.
More than half of the stores are located in California, although there is also an established retail presence in Texas, Nevada, Arizona, Florida, Colorado, New Mexico and Hawaii, with the store network supported by a developing ecommerce platform.
Peter Cowgill, executive chairman of JD Sports Fashion, said: "We are delighted to have completed the acquisition of Shoe Palace.
"The Shoe Palace team are ambitious, have great energy and pride themselves on their consumer connection and we welcome them to the group.
"We are confident that our combined fascias will provide us with the flexibility and expertise to fulfil our mutual ambition of becoming a prime customer destination for sneakers and lifestyle apparel in the United States."
Last year the firm generated revenues of $435m.
Shares in JD Sports have risen 5% following the announcement.
