Here's the Deal
Baird's Investment Banking Group is pleased to announce the following transaction:
Acquisition of Collective Brands’ Performance + Lifestyle Group
Baird served as the exclusive financial advisor to Wolverine Worldwide in this transaction.
A consortium comprised of Wolverine Worldwide, Inc. (“Wolverine” or the “Company”) (NYSE: WWW), Golden Gate Capital (“Golden Gate”) and Blum Capital Partners (“Blum”) today announced it has completed the acquisition of Collective Brands, Inc. (“Collective Brands”) (NYSE: PSS) for $21.75 per share in cash, or a total of approximately $2.0 billion, including the assumption of debt.
Under the definitive agreement announced on May 1, 2012, Wolverine acquired Collective Brands’ Performance + Lifestyle Group (“PLG”) with the closing of the Collective Brands transaction. PLG includes the wholesale and retail operations of the Sperry Top-Sider®, Saucony®, Stride Rite® and Keds® brands. PLG will continue to operate out of Lexington, Massachusetts.
As a result of these transactions, Golden Gate and Blum will jointly own the operations of Payless ShoeSource (“Payless”) and Collective Licensing International (“CLI”), which together will operate as a standalone entity known as Payless Holdings. Payless will continue to be headquartered in Topeka, Kansas and CLI in Englewood, Colorado.
Effective October 9, 2012, Collective Brands’ common stock will no longer be listed or traded on the New York Stock Exchange.
Wolverine is one of the world’s leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The Company’s portfolio of highly recognized brands includes: Merrell®, Hush Puppies®, Wolverine®, Sebago®, Cushe®, Chaco®, Bates®, HYTEST® and Soft Style®. The Company also is the global footwear licensee of popular brands including CAT®, Harley-Davidson® and Patagonia®. The Company’s products are carried by leading retailers in the U.S. and globally in more than 190 countries and territories.
Golden Gate is a San Francisco-based private equity investment firm with over $12 billion of capital under management. The principals of Golden Gate invest across a wide range of industries and transaction types, including going-privates, corporate divestitures and recapitalizations, as well as debt and public equity investments.
Blum is a San Francisco-based public strategic block and private investment firm. Blum was founded in 1975 and has invested in a wide variety of businesses, including through multiple going-private transactions.