Wolverine completes acquisition of performance a - sportstextiles: Lea SportsTextiles

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Wolverine completes acquisition of performance and lifestyle group from Collective Brands

09/10/2012
Outdoor footwear brand Wolverine Worldwide has announced that it has completed the acquisition of Collective Brands’ Performance and Lifestyle Group (PLG), which consists of the Sperry Top-Sider, Saucony, Stride Rite and Keds footwear brands, for a total purchase price of approximately $1.24 billion.

With more than $1 billion of revenue and almost 40 million pairs shipped in its fiscal 2011, PLG will become Wolverine’s largest operating group, joining the company’s existing outdoor group (Merrell, Chaco and Patagonia Footwear), heritage group (Wolverine, CAT Footwear, Harley-Davidson Footwear, Bates and HyTest) and lifestyle group (Hush Puppies, Sebago, Cushe and Soft Style). PLG will remain headquartered in Lexington, Massachusetts.

“Today marks a transformational event for our company,” said chief executive, Blake Krueger. “We couldn’t be more excited about the tremendous growth potential that these four well-established and iconic brands bring to our proven global platform.The PLG team, under the leadership of Gregg Ribatt, has done an exceptional job of building a world-class organisation, and we are incredibly pleased to welcome more than 3,800 PLG associates to the Wolverine Worldwide team.”

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