Wolverine Worldwide Acquires Lifestyle Brand Sweaty Betty in $ 410 Million Deal

Wolverine World Wide Inc. has acquired fitness and lifestyle brand Sweaty Betty, the Rockford-based manufacturer announced on Tuesday.

The cash transaction, which closed on Monday, is valued at around $ 410 million, Wolverine said in a press release.

“The acquisition of Sweaty Betty complements our strategic shift over the past several years from a traditional footwear wholesaler to a growing consumer-obsessed, digital-focused company. It also gives us a leadership position in the growing category of women’s sportswear, ”Blake W. Krueger, CEO of Wolverine, said in the statement.

London-based Sweaty Betty, founded in 1998, has rapidly grown into a global brand designed by women for women. More than 80 percent of its revenue comes from the direct-to-consumer channel, the statement said.

Sweaty Betty CEO Julia Straus will continue to lead the brand and report to Wolverine President Brendan Hoffman.

“From the moment I met the Wolverine Worldwide team, I knew they were the right partner to support us in the next chapter of Sweaty Betty,” Straus said in the statement. “Their portfolio of goal-driven heritage brands, their knowledge and expertise in building performance brands, their strong international distribution and supply chain expertise provide a solid platform to expand Sweaty Betty and continue. our mission to “empower more women through fitness around the world.”

Wolverine Worldwide (NYSE: WWW) acquired all of the shares of Lady of Leisure InvestCo Limited, the entity that owns the Sweaty Betty brand, from private equity firm L Catterton and other shareholders for approximately $ 410 million , financed in cash and by the revolving line of the company. credit, according to the press release. It is expected to increase profits in the first year.

Rothschild & Co. served as financial advisor to Wolverine Worldwide, with Baker McKenzie and Honigman LLP as legal advisers. Goldman Sachs International was Sweaty Betty’s primary financial advisor; Financo / Raymond James was Sweaty Betty’s financial advisor; Gibson Dunn & Crutcher LLP served as principal legal counsel to L Catterton, Wittington Investments Limited and Sweaty Betty; and Pinsent Masons LLP served as legal counsel to Sweaty Betty.

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