Authentic Brands Group acquires Sperry
Authentic Brands Group has acquired footwear conglomerate Sperry from Wolverine Worldwide for about $130 million.
Why it matters: This is part of a larger movement by companies to pare down assets that don't fit into their core, or high-growth businesses.
Meanwhile, Authentic is also tying up with Aldo Group, which will serve as Sperry's North American operating partner for wholesale, e-commerce and store operations.
- It will also support its footwear design, production and global distribution.
Details: The proceeds from the transaction, which closed Wednesday, will be used to pay down debt, Wolverine said in a statement.
- Sperry will join Authentic's more than 50 brands including Reebok, Nautica, Forever 21 and Brooks Brothers.
- Wolverine will focus on key brands Merrell, Saucony and Sweaty Betty, CEO Christopher Hufnagel said at the ICR Conference in Orlando this week.
Of note: Authentic CEO Jamie Salter told attendees at the ICR Conference that it could go public within the next 18 months.
- That, or get scooped up by Disney or Amazon.