- Wolverine World Wide (NYSE:WWW) +1.34% premarket, has acquired Sweaty Betty a global fitness and lifestyle brand on a mission to empower women from L Catterton, consumer-focused private equity firm in all-cash deal valued at approximately $410M
- The transaction is expected to close on August 2, 2021.
- “Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear,” said Brendan Hoffman, President of Wolverine Worldwide. “Sweaty Betty’s expertise and focus on apparel, female consumers, and best-in-class digital execution has proven to be a winning combination. We are excited to support the brand’s continued growth while learning from its digital-first mindset and leveraging that strength across our portfolio.”
- Sweaty Betty’s Chief Executive Officer, Julia Straus, will continue to lead the brand.
- Acquisition is expected to be accretive to earnings in year one.