Maximize your media exposure with our single PR package
American footwear company Weyco acquires Forsake brand
15 Jun 21 2 min read
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.
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.
Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.
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.
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)
Popular News
|
22% YoY rise in Cambodia’s textile-garment exports in Jan-May 2024 |
|
Net sales of US retailer Tilly’s at $115.9 mn in Q1 FY24 |
|
Bangladesh’s RMG exports up 2.86% to $43.85 bn in July-May 2024 |
|
Giriraj Singh new Indian Minister of Textiles; Pabitra Margherita MoS |
|
New York State Senate passes Retail Worker Safety Act |
|
USDA raises global cotton production & stocks in latest WASDE report |