Wolverine World Inc. (NYSE: WWW) has sold the Sebago shoe brand to Italian apparel company BasicNet SpA. While the Sebago sale is a small deal, about $14 million, it's part of a much larger plan to transform the company
The divestiture is part of Wolverine's "Wolverine Way Forward" strategy which it is looking to reshape its portfolio in order to keep up rapidly changing consumer demands in the consumer sector. Wolverine owns the Bates, Chaco, Hush Puppies, Merrell and Sperry brands.
Sebago, founded in 1946, is known for making boat loafer shoes under the Docksides brand that are sold in more than 120 countries. BasiNet, based in Turin, Italy, distributes sports, leisure and footwear under Kappa, Robe di Kappa, K-Way, Superga, Lanzera, Sabelt and Briko brands. Harris Williams & Co. advised Rockford, Michigan-based Wolverine on the sale.
"We have recently completed a strategic review of our existing portfolio and have been exploring a variety of alternatives for some of our smaller brands and businesses," says Wolverine CEO Blake Krueger.
The footwear industry is no stranger to the middle-market. Recent shoe deals include: CCMP Capital Advisors LLC’s purchase of slip-resistant shoe maker Shoes for Crews; DSW Inc.’s (NYSE: DSW) deal for Ebuys Inc. to expand online and into international markets; and Steve Madden Ltd's (Nasdaq: SHOO) purchase of Schwartz & Benjamin.