Sport Group

The FY2024 and FY2025 filings record undertakings by Ace Holdings Cooperatief U.A. for obligations of Sport Group HoldCo GmbH and by HoldCo for obligations of Sport Group GmbH. The FY2025 domination and profit-transfer agreement made Sport Group GmbH responsible for assuming TopCo's losses. These undertakings are separate from SFA guarantees.S17S18

Under the June 26, 2024 SFA, Sport Group GmbH and Ace Bidco Inc. were the original borrowers; Sport Group GmbH, Sport Group HoldCo GmbH, Ace Holdings III B.V. and Ace Bidco Inc. were the original guarantors. Guarantors must cover at least 80% of consolidated EBITDA. Original collateral comprised pledged shares, material operating bank accounts and material structural intercompany receivables of obligors.S8S15S22

At 31 December 2024, Ace Holdings Cooperatief U.A. consolidated Ace Holdings I, II and III, Sport Group HoldCo GmbH, Sport Group GmbH, Ace Bidco Inc., Sport Group TopCo GmbH, Sport Group Holding GmbH and the operating group. Later changes to the SFA obligor roster are not disclosed, and the complete current guarantor, security-grantor and restricted-group perimeters remain undisclosed. Accounting consolidation is separate from contractual borrower, guarantor, security-grantor and restricted-group status under the SFA.S8S22S26

S&P's July 1, 2026 research update lists Ace Bidco Inc. as issuer of the rated TLB. January 15, 2026 CLO reporting names Sport Group Holding GmbH as obligor and Ace Bidco GmbH as Facility B2 issuer.S8S27S28

On July 8, 2024, Ace Holdings Cooperatief U.A. received EUR375 million of fully paid membership capital, comprising EUR18.75 million of ordinary interests and EUR356.25 million of A preference interests. The preference interests carry an 8.5% compounding yield and are classified as IFRS equity, not debt. The allocation of the full contribution among subscribers is not disclosed.S29

The EUR400 million TLB received EUR150 million of add-ons in 2025, including a EUR100 million increase on January 8. A EUR1.3 million fund position moved from LoanX LX230920 to LX255578 between October 2024 and January 2025. Reuters/LPC's EUR90 million RCF due 2030 was a syndication-stage term, not the current facility.S7S15S30S31S32S33

Between FY2021 and FY2022, Sport Group TopCo's revenue, EBITDA, operating cash flow and cash increased. The company remained loss-making, while bank debt rose from EUR368.337 million to EUR382.745 million.S44

The 2024 audited reporting period includes Sport Group only from the July 8 acquisition closing through December 31. Management estimated EUR676 million of pro-forma revenue if the acquisition had occurred on March 11, 2024.S45S46

S&P assigns Ace Holdings III B.V. a B-/Stable issuer rating and Ace Bidco Inc.'s senior secured TLB a B- issue rating with recovery rating 3, indicating 50%-70% expected recovery and a rounded estimate of 60%. The recovery analysis assumes a hypothetical 2028 German default, approximately EUR86 million emergence EBITDA, a 5.0x multiple, approximately EUR430 million gross and EUR410 million net enterprise value after 5% administrative costs, and approximately EUR667 million senior-secured claims including six months prepetition interest and an 85% RCF draw.S8S47

Sport Group lists Alejandro Pena as CEO; Mathias Schwagerl as CFO; Eva Issa as VP HR, Legal and Internal Communication; Robb Carey as North America CEO; Stephen Niven as Asia-Pacific CEO; Mathias Schmidt as EMEA CEO; Derek Ernst as Chief Growth Officer; and Clint Filipowicz as COO. The company publicly announced Pena's CEO appointment on April 15, 2025, succeeding Christoph von Nitzsch.S49S50

The KPS acquisition involved EUR338 million of cash consideration and EUR35 million of acquisition costs. The purchase-price allocation records EUR332 million of consideration, EUR134 million of identifiable net assets and EUR198 million of goodwill. The two reported consideration measures differ by EUR6 million.S51S52

On May 21, 2026, the European Commission issued a preliminary Statement of Objections in case AT.40956 concerning alleged coordination by Sport Group and Oranjewoud in German synthetic-turf recycling from 2020 to 2023. The contemplated cooperation and reciprocal minority stakes in GBN-AGR and FormaTurf did not proceed; the Commission alleges exchanges of confidential current and future pricing and capacity information without safeguards and agreement on the principal gate-fee component. The Commission had inspected synthetic-turf companies in several member states in June 2023. The maximum statutory fine is 10% of worldwide annual turnover. No fine has been determined; the Statement of Objections remains preliminary and no mandatory decision deadline applies.S9S10