San Francisco-based private equity investment firm, Golden Gate Capital, and Boston-based boutique investment firm, Integrity Brands, have signed a definitive agreement to acquire US military boot manufacturer Wellco Enterprises, Inc. in an all-cash transaction valued at $14 per share—a 33% premium to the stock’s most recent closing price. The agreement received unanimous approval from a committee of independent directors at Wellco and its board of directors.

According to the company, along with the continued guidance of its existing management team, the transaction will offer Wellco the flexibility and financial support necessary to continue the growth of its military business while pursuing a variety of new growth initiatives.

“We at Wellco are excited about the opportunity to work in partnership with Golden Gate Capital and Integrity Brands to expand Wellco’s reach within the armed forces and beyond,” said Lee Ferguson, Wellco president and CEO.

Wellco manufactures military and rugged footwear, and is among the small number of US footwear manufacturers who supply the US military. Its products include military combat boots—including the hot weather boot, temperate weather boot, and the anti-personnel mine boot—as well as similar military-style boots for civilian consumers. The company also sells specialised machinery and materials, and renders technical assistance and other services to licensees for the manufacture of footwear. Founded in 1941, Wellco primarily sells its products to the US government through the Defense Supply Center of Philadelphia.