American footwear company, Weyco, has announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. Forsake develops sneaker-boots and hiking shoes.
The aggregate purchase price was approximately $2.5 million, plus contingent payments paid annually over a period of five years, depending on Forsake achieving certain performance measures. At the acquisition date, the company’s preliminary estimate of the discounted fair value of the contingent payments is approximately $1.75 million in total. The transaction was funded with the company’s available cash, according to a media statement by Weyco.American footwear company, Weyco, has announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. Forsake develops sneaker-boots and hiking shoes.#
Forsake will join BOGS in forming Weyco’s outdoor division, headquartered in Portland, Oregon. Specialising in modern outdoor footwear, Forsake serves a quickly growing segment of the market that isn’t directly served by an existing Weyco brand. Forsake’s hiking shoes and sneaker-boots with all-weather protection, rugged construction and versatile styling have captured a segment of a growing number of outdoor enthusiasts that demand something other than traditional hiking boots. Forsake’s co-founders, Jake Anderson and Sam Barstow, have joined the Weyco team and will continue to lead the Forsake business going forward, according to Weyco.
“We are excited to add a new outdoor footwear brand to our portfolio here at Weyco. The acquisition of Forsake is a great strategic fit for Weyco as we continue to build our presence in the outdoor footwear market around the globe,” Thomas W. Florsheim, Jr., Weyco’s chairman and CEO said in a statement.
“We are pleased to join the Weyco family and believe its infrastructure, including its design, sourcing, distribution, and e-commerce capabilities, will accelerate our business to new heights,” Anderson said.
Fibre2Fashion News Desk (GK)
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