Private-equity firm agrees acquisition deal with Skechers
New York-based private-equity firm 3G Capital is to acquire sports footwear brand Skechers. The Wall Street Journal has said the deal will be worth around $9.4 billion.
Founding chief executive, Robert Greenberg, and co-founder and company president, Michael Greenberg, will stay on after the acquisition, which will make the company private rather than public.
The father-and-son team will continue to run Skechers, along with chief operating officer, David Weinberg.
With $9 billion in annual sales, Skechers said it was the third-largest footwear company in the world and one of the largest founder-led consumer products firms anywhere.
On confirming that Skechers had agreed to the acquisition, Robert Greenberg said: “Our success has been due to our commitment to excellence and innovation across the entire organisation.”
For its part, 3G Capital said it was “thrilled to be partnering with Skechers” and that it looked forward to working with “an entrepreneur of Robert’s calibre and the talented Skechers team”.
