Signa Sports To Go Public Via $3.2 Billion SPAC Merger, Acquires the Second-Largest Online Bike Retailer WiggleCRC

Signa Sports United (SSU) announced today an agreement to merge with SPAC Yucaipa Acquisition Corporation (NYSE: YAC) in a deal valued at $3.2 billion.

Signa will raise up to $645 million from the deal, with $345 million coming in cash and an additional $300 million through a fully committed upsized PIPE. US billionaire Ron Burkle, a part-owner of the Pittsburgh Penguins of the National Hockey League, will participate in the PIPE with $50 million.

"Becoming a listed company allows us to continue capturing market share in Europe and to accelerate our U.S. and international expansion while scaling our platform solutions," said Stephan Zoll, CEO of SSU.

The German company also confirmed the concurrent takeover of WiggleCRC, the second-largest online bike retailer globally.

"We also look forward to welcoming WiggleCRC to our SSU family. The acquisition enhances our global online leadership especially in the bike category. Our focus on growth and internationalization coupled with our platform approach drives significant scale benefits."

The company is expecting to generate combine net revenues of about $1.6 billion in the year to end September this year, as well as over $70 million of adjusted EBITDA.

"SSU is a global leader in the fastest-growing sports categories and is well-positioned for continued success as a public company," said Ron Burkle, Chairman and President of Yucaipa.

"With its technology platform - and a combination of scale, international growth and profitability – we expect SSU to grow its leadership positions and accelerate its global expansion. We look forward to becoming shareholders and partnering closely with the talented SSU team on this exciting journey."

Upon completion of the transaction, the combined company will trade on the NYSE under the SIGNA Sports United name.

The transaction is expected to close in the second half of 2021.

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