American footwear company Caleres is set to purchase footwear and foot care products brand Vionic Group for $360m.
The deal will provide Caleres additional access to the contemporary comfort footwear category by expanding its brand portfolio.
Caleres CEO, president and chairman Diane Sullivan said: “The acquisition of Vionic is another fantastic opportunity to add a growing brand with strong consumer loyalty and a solid cultural fit to our brand portfolio.
“The brand has already proven to be a disruptive addition to the industry, as the dynamic Vionic team has blended proprietary technology with comfort and style.
“We’re looking forward to supporting the brand in their continued success and to sharing our extensive infrastructure, including our expertise in product design, brand development and global sourcing.”
Vionic produces and sells a wide range of footwear products for women and men such as active, casual and dress styles, sandals and slippers.
The footwear brand has project 12-month sales of approximately $180m. It has also gained approximately 25% of sales through its ecommerce sites over the past 12 months.
Vionic Group co-founder and CEO Chris Gallagher said: “Caleres is a great leader in the industry, and we are excited to join their family of outstanding brands.
“At Vionic, we challenge ourselves every day to reimagine style and science, in order to bring joy to people’s lives, starting with their feet, and we’re delighted to be joining a company with a similar purpose.
“We have big plans and even bigger dreams and, with support from Caleres, we’ll be able to continue on that journey, as this combination creates great opportunities for our team members and our retail and business partners.”
Caleres has funded the transaction through its revolving credit agreement.
Wells Fargo Securities served as the financial advisor to Caleres and Robert W Baird as the financial advisor to Vionic Group for the transaction.