WOOD SPAC One has successfully executed a business combination with Footshop

June 2023 — WOOD SPAC One (WSO) has successfully executed a business combination with Footshop, a leading online retailer of premium streetwear in the CEE region.The business combination enables Footshop to accelerate its growth strategy with a total capital contribution of US$20 million. US$8 million was used to partially buy out the current shareholders. The transaction met all the investment criteria.

WSO is a special purpose acquisition company (SPAC), incorporated for the purpose of acquiring significant minority stakes in businesses, mainly in central Europe. As a first SPAC in the CEE region, the company is powered by WOOD & Company, the Oaklins member firm in the Czech Republic, and follows the successful launch of two SPACs done by Oaklins Netherlands (Dutch Star Companies) and four SPACs by Oaklins Italy (Industrial Stars of Italy). WSO is led by the sponsors Jan Sykora, Vladimir Jaros and Lubomir Soltys, partners at WOOD & Company, and the team of WOOD & Company.

Founded in 2012, Footshop is an online and brick-and-mortar (B&M) streetwear retailer, headquartered in the Czech Republic. It specializes in the sale of premium sneakers, clothing and accessories, with an online presence primarily in Europe and globally. It also operates three B&M flagship stores in European capitals – Prague, Budapest, and Bucharest. The largest markets for Footshop are Bulgaria, the Czech Republic, France, Germany, Greece, Hungary, Poland, Romania and Slovakia. In its category, Footshop is considered an innovative brand focusing on the younger generation. In the last two years, more than 586,000 online customers have made a purchase at Footshop across Europe and worldwide. In several markets including the Czech Republic, Footshop is the number one player in the premium streetwear segment. Footshop sells a wide range of brands, including Nike, Adidas, Converse, Y-3 and Vans. In 2021, Footshop acquired Queens, its main competitor in the Czech Republic, an online retailer that focuses more on clothing while Footshop is primarily focused on footwear.

Our role in the transaction

WOOD & Company, Oaklins’ team in the Czech Republic, in cooperation with Oaklins’ team in the Netherlands, participated in and advised WSO on all aspects from its initial listing to the successful execution of a business combination with Footshop.