Hush Puppies owner Wolverine Worldwide snaps up Sweaty Betty for $410m
Shoe giant Wolverine Worldwide added British activewear brand Swear Betty to its portfolio after closing an overnight deal for $ 410 million.
Wolverine Worldwide, behind shoe brands like Merrell, Saucony, Sperry and Hush Puppies, bought Swear Betty from consumer-focused private equity firm L Catterton.
The transaction was funded by cash and the company’s revolving credit line.
“Sweaty Betty fits in perfectly with our strategic growth plan for Wolverine Worldwide as we focus on building digital channels, expanding our international footprint and building our brand portfolio beyond shoes,” said Brendan Hoffman, President of Wolverine Worldwide.
Founded in 1998, Sweaty Betty has focused on the women’s activewear category in the UK and has quickly grown into a global brand.
The brand partnered with L Catterton in 2015 to expand its physical and digital presence in Asia and to establish selective wholesale partnerships in Europe and the United States.
“Wolverine Worldwide’s portfolio of purpose-built heritage brands, knowledge and expertise in building performance brands, robust international sales and supply chain expertise provide a strong platform to expand Sweaty Betty,” said Julia Straus, CEO of Sweaty Betty.