Wolverine Worldwide to acquire performance footwear brands from Collective
03/05/2012
Brands included in the performance and lifestyle group of Collective are Sperry Top-Sider, Saucony, Stride Rite and Keds. This part of Collective Brands had combined revenue of more than $1 billion in its most recent financial year.
Under Wolverine’s ownership, the brands would continue to be run from their existing headquarters in Lexinton, Massachusetts, the companies said on announcing the news.
“Our Company is thrilled to add these four iconic brands to our proven global platform,” said Wolverine’s chief executive, Blake Krueger. “This transaction provides dynamic portfolio expansion and diversification, and significant additional horsepower in five of our targeted growth areas - women’s, athletic, casual, kids’ and retail.”
Collective Brands’ Payless ShoeSource and Collective Licensing International divisions will also have new owners, with investment firms Blum Capital and Golden Gate taking over.
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