America’s Phoenix Footwear Group, Inc. has signed a definitive asset purchase agreement to acquire Chambers Belt Company, a manufacturer of men's and women's belts and accessories.
Under the terms of the agreement, Phoenix Footwear will pay $21.5 million for the assets of Chambers Belt, which will be funded through a combination of cash and Phoenix Footwear common stock and is expected to be finalised by mid-year.
Headquartered in Phoenix, Arizona, Chambers manufactures and distributes men's and women's belts and accessories spanning traditional and western styles, as well as a children's line. The company posted full-year 2004 revenues of $40 million.
Phoenix Footwear, based in Carlsbad, California, designs, develops and markets men's and women's footwear and apparel. The company's premium brands include the Trotters, SoftWalk, H.S. Trask, Altama and Ducks Unlimited footwear lines.
