Collective Brands, the parent company behind footwear brands Keds and Sperry Topsider, has been acquired by Wolverine World Wide and private equity backers Blum Capital and Golden Gate Capital in a $2bn (£1.2bn) deal.
As part of the deal Wolverine World Wide, the parent company of footwear brands including CAT and Sebago, will acquire Collective Brands’ performance and lifestyle division which includes the wholesale and retail operations of the Sperry Top-Sider, Saucony, Keds and Stride Rite brands.
Private equity backers Blum Capital and Golden Gate Capital will jointly acquire Collective Brands’ US retail operation Payless ShoeSource and licensing business Collective Licensing International.
The deal is not expected to be completed until late in the third quarter or early in the fourth quarter of 2012.
“Our company is thrilled to add these four iconic brands to our proven global platform,” said Blake Krueger, Wolverine chairman and chief executive.
“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.”
The UK is one of Collective Brands’ biggest markets outside of its home market, the US.