Wolverine to buy Sebago
Wolverine World Wide announced that it has signed a letter of intent to acquire the business and selected operating assets of Sebago, Inc. of
Timothy J. O’Donovan, president and CEO of Wolverine, in announcing the purchase, said: “Sebago is recognised the world over as the premium nautical and classic hand sewn brand with a long history and great global heritage. The acquisition of the Sebago business represents another step in the execution of our strategic plan centred on marketing the world’s strongest portfolio of non-athletic footwear brand that competes in a premium segment of the market not currently served by any of our other brands.”
O’Donovan also noted that “the brand’s strength around the world is a rue testament to the vision and dedication of the Wellehan family which has been the brand’sstweard since it was launched over 50 years ago.”
O’Donovan also noted that Dan Wellehan will assist with the transaction and act as an advisor and brand ambassador following the completion of the acquisition.
Dan Wellehan, president and CEO of Sebago, said of the transaction, “We are thrilled that the Sebago brand will be will become part of the Wolverine World Wide family We believe that Wolverine’s 120-year heritage of building brands on a global basis will open new domestic and international growth opportunities for Sebago and we look forward o even greater levels of future success.”
Sebago was founded in 1946 by Daniel Wellehan, Sr., and two associates, Joseph Cordeau and Willie Beaudin. Dan Wellehan, Jr., has been with the company for 46 years.
It was also announced that all of the Sebago staff would remain in place, and that Sebago and Merrill would be the foundation of a new outdoor footwear division of Wolverine. The Sebago business is expected to add over $30 million in revenues for Wolverine, but would be neutral or have no effect during the 2004 transition year.
