ABC-MART, a Japan-based retailer of athletic, business and casual footwear, has entered into a definitive agreement to acquire Portland-based boot brand LaCrosse Footwear.
The company, which operates over 800 stores, will acquire all outstanding LaCrosse shares for $20 or approximately $138m as it expands in North America and Europe.
ABC-MART president Minoru Noguchi said the firm associates significant value with the LaCrosse and Danner brands, as well as with their outstanding channel partners and proven commitment to operational excellence.
"This transaction will bring together the complementary strengths of ABC-MART's extensive knowledge in the footwear retail industry with LaCrosse Footwear's high quality footwear manufacturing craftsmanship," Noguchi added.
"In particular, the combined entity will be well-positioned to strengthen LaCrosse Footwear's lifestyle and casual footwear business, by jointly developing and producing footwear with competitive quality, pricing, and design, and drive the geographic expansion of LaCrosse(R) and Danner(R) branded footwear, particularly in Japan, South Korea, Taiwan, Hong Kong, and the rest of Asia, as well as in Europe."
LaCrosse Footwear president and chief executive Joseph Schneider said that ABC-MART is committed to furthering LaCrosse's growth strategies in the global marketplace.
"We see exciting opportunities in our newer lifestyle and casual offerings, as well as a solid financial and strategic commitment to support our ongoing business serving the work and outdoor markets," Schneider added.
"Together, we will continue to leverage our world-class manufacturing facility in Portland, Oregon to meet growing demand for American-made products around the world."
The transaction, which is subject customary closing conditions, is expected to close in the third calendar quarter of 2012.