Hibbett, Inc. — Acquisition by JD Sports Fashion plc
Large US sports-fashion retailer operating more than 1,100 stores under the Hibbett and City Gear banners, acquired by JD Sports Fashion plc, providing a useful large-company reference for fashion and sporting-goods retail valuations.
This transaction involved a business above the $1m–$50m SME revenue benchmark. It is included for industry context and is not a direct SME comparison.
Acquirer
JD Sports Fashion plc
Year
2024
Enterprise Value
~$1.109bn
Revenue
~$1.729bn (FY2024)
Adjusted EBITDA
~$186m (FY2024 Adjusted EBITDA)
LTM Adjusted EBITDA Multiple
~6.2×
Industry
Fashion & Apparel Retail Business
Transaction
In 2024, JD Sports Fashion plc completed the acquisition of Hibbett, Inc. at an enterprise value of approximately $1.109 billion. Hibbett was a large US sports-fashion retailer operating more than 1,100 stores under the Hibbett and City Gear banners, primarily selling third-party footwear, apparel and accessories. For FY2024, Hibbett generated approximately $1.729 billion in revenue and $186 million in Adjusted EBITDA. The transaction multiple of approximately 6.2× LTM Adjusted EBITDA sits above the indicative SME benchmark and should be treated as a large strategic transaction rather than a directly comparable $1m–$50m revenue SME transaction.
Why the Premium?
- Large-scale US sports-fashion retail platform with more than 1,100 stores
- Established third-party footwear, apparel and accessories brand access
- Strategic expansion of JD Sports' presence in the US market
- Significant scale and operational leverage
- Strategic buyer value from international retail consolidation
SME Takeaway
Hibbett was substantially larger than the SME Multiples $1–$50M revenue benchmark, with approximately $1.729 billion in FY2024 revenue. The approximately 6.2× LTM Adjusted EBITDA transaction multiple provides a useful large-company reference for fashion and sporting-goods retail valuations but should be treated as a large strategic transaction rather than a directly comparable SME transaction. For smaller fashion and sporting-goods retailers, factors such as store footprint, brand access, inventory management, customer loyalty and omnichannel capability are likely to have a greater relative influence on valuation.
Sources
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.