Brown Shoe to acquire Bennett Footwear Group
Brown Shoe Company, Inc. has entered into a definitive agreement to acquire Boston-based Bennett Footwear Group, LLC, a privately held women's footwear designer and wholesaler, for $205 million in cash. The acquisition is expected to close by May 2005. In addition to the purchase price, future terms provide for performance-based payments of up to $42.5 million over a three-year period if certain financial targets are met.
Bennett's owned and licensed footwear brands include Via Spiga, Franco Sarto, Etienne Aigner and Nickels Soft. Bennett also has a significant private label business that sells primarily to national chains and it operates eight Via Spiga retail stores. The group reached revenues of approximately $200 million in 2004 and is said to have an impressive track record for growth. Its senior management, including CEO Bruce Ginsberg and COO Gregg Ribatt, will join Brown Shoe and continue to head the Bennett brands in its
Brown Shoe is a $1.94 billion footwear company with worldwide operations. Its wholesale division posted $616 million in 2004 sales. The acquisition complements its portfolio of wholesale brands such as Naturalizer, LifeStride, Bass and Dr. Scholl's.
