Merger and Acquisition
Agilitas Sports, Founded by Ex-Puma Execs, acquires Mochiko shoes in all-cash deal
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ByStartupStory | September 14, 2023
In its inaugural acquisition, Agilitas Sports, a sportswear and athleisure firm founded by former Puma executives earlier this year, has purchased Mochiko Shoes Pvt Ltd in an all-cash transaction. Agilitas, which raised approximately $53 million from Convergent Finance LLP in May, seeks to establish an end-to-end sports-related supply chain, encompassing manufacturing and retail.
“Mochiko’s manufacturing capabilities, operational excellence and strategic partnerships with leading global giants, positions us to address the government’s clarion call to ‘Make in India’…”, said Abhishek Ganguly, CEO and co-founder, Agilitas Sports.
The acquisition comes just after the Indian government said that large and medium-scale footwear manufacturers and all importers will have to follow the mandatory quality standards for 24 footwear and related products from July 1, a move that the industry said will curb sub-standard imports from countries like China.
While the exact terms of the deal were not disclosed, Agilitas noted that Mochiko Shoes is a profitable company that manufactures shoes for several well-known brands, including Adidas, Puma, New Balance, and Skechers, among others. Mochiko Shoes is the first sports footwear manufacturer in India to receive a BIS license and is fully compliant with the government’s forthcoming Quality Control Orders (QCOs).
The company’s manufacturing units are ISO 9001, 14001, and 45001 certified. Mochiko Shoes had a revenue of INR 213 crore and a profit of INR 2.4 crore in FY22, and Agilitas anticipates its FY23 revenue will reach INR 820 crore
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