“ABC-MART is committed to furthering our growth strategies in the global marketplace. We see exciting opportunities in our newer lifestyle and casual offerings, as well as a solid financial and strategic commitment to support our ongoing business serving the work and outdoor markets.
“Together, we will continue to leverage our world-class manufacturing facility in Portland, Oregon to meet growing demand for American-made products around the world. This is a great step forward for LaCrosse Footwear, and we are honored to bring our strong Danner and LaCrosse brands to a larger stage as a part of ABC-MART.”
The transaction is conditioned on the tender of a majority of the outstanding shares of LaCrosse Footwear, and remains subject to the satisfaction of customary closing conditions, including receipt of applicable regulatory clearances. LaCrosse Footwear’s Board of Directors and certain members of LaCrosse’s senior management holding collectively approximately 8% of LaCrosse’s outstanding shares have agreed to tender all of their shares into the tender offer. Upon the completion of the acquisition, LaCrosse Footwear will become a wholly-owned subsidiary of ABC-MART and will continue operations in Portland, Oregon. The transaction is not subject to a financing condition.
Barclays served as the exclusive financial advisor and Paul Hastings LLP acted as legal advisor to ABC-MART. Wells Fargo Securities served as the exclusive financial advisor and Garvey Schubert Barer acted as legal advisor to LaCrosse Footwear and its Board of Directors in connection with the transaction.
ABC-MART INC