The total purchase was about $ 2.5 million, plus there was a conditional payment paid annually for five years, depending on whether Forsake achieved certain performance indicators. As of the acquisition date, our preliminary estimate of the discounted fair value of conditional payments totals approximately $ 1.75 million. The deal was funded by the company’s available cash, according to a Weyco media statement.
Forsake will join BOGS to form Weyco’s outdoor division, headquartered in Portland, Oregon. Specializing in modern outdoor shoes, Forsake serves a fast-growing market segment that the existing Weyco brand does not directly offer. With Forsake’s all-weather protection, rugged construction, and versatile styling, hiking shoes and sneaker boots are increasing the number of outdoor enthusiasts looking for something other than traditional hiking boots. According to Weyco, Forsake co-founders Jake Anderson and Sam Barstow have joined the Weyco team and will continue to lead the Forsake business.
“We are pleased to add a new outdoor shoe brand to Weyco’s portfolio here. The acquisition of Forsake is strategically optimal for Weyco as it continues to grow its presence in the global outdoor shoe market,” said Weyco. Thomas W. Florsheim, Jr., Chairman and CEO of. Stated in a statement.
“We are delighted to join the Weyco family and believe that infrastructure such as design, sourcing, distribution and e-commerce capabilities will take our business to new heights,” Anderson said.
Fiber2Fashion News Desk (GK)
American shoe company Weyco has announced that it has acquired virtually all operating assets and certain liabilities of Forsake, an outdoor shoe distributor. The main assets acquired were inventories, accounts receivable, and intellectual property, including the Forsake brand name. Forsake develops sneaker boots and hiking shoes.
American shoe company Weyco acquires Forsake brand
Source link American shoe company Weyco acquires Forsake brand