Wolverine Worldwide announced today that it, along with Blum Capital Partners and Golden Gate Capital, has signed a definitive agreement to acquire Collective Brands, Inc. As part of the transaction, Wolverine will acquire Collective Brands' Performance + Lifestyle Group (PLG), which consists of the Sperry Top-Sider®, Saucony®, Stride Rite® and Keds® brands. Adding these businesses to Wolverine's existing portfolio, which is led by Merrell, Hush Puppies, Wolverine, Sebago and Caterpillar Footwear, creates an even more powerful stable of lifestyle brands that positions the Company for accelerated growth in both revenue and profits.
Highlights:
- Transformational acquisition will create a $2.5 billion global footwear and lifestyle brand powerhouse.
- PLG brands generated more than $1.0 billion of revenue in fiscal 2011.
- Addition of Sperry Top-Sider®, Saucony®, Stride Rite® and Keds® will result in a combined portfolio of 16 premium lifestyle brands, each targeting unique global opportunities.
- Purchase price of approximately $1.23 billion, or 10 times PLG's projected 2012 EBITDA.
- Acquisition will be accretive in the first full fiscal year (2013) and will provide significant earnings per share accretion in future years.
- The parties expect to complete the transaction late in the third quarter or early in the fourth quarter of 2012.
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