Now the third largest athletic footwear company in the world, Skechers was founded more than thirty years ago in Manhattan Beach, California. After being purchased by 3G Capital for $9 billion, now it’s poised for a radical transformation. This deal will take Skechers private, marking a new chapter for the company as it continues to navigate the competitive footwear market. Skechers’ acquisition agreement was preliminarily approved unanimously by Skechers’ board of directors. It’s scheduled to close in the third quarter of this year.
According to the terms of the deal, 3G Capital will acquire Skechers at a price of $63 per share. The 950p price also represents a 30% premium to the company’s 15-day volume-weighted average share price. This premium speaks to 3G Capital’s belief in Skechers’ brand power, growth trajectory and long-term market worth.
Robert Greenberg is the longtime Chairman and CEO of Skechers. Even after that deal is done, he’ll remain in place. He’s an optimistic guy once again running the company with his great management team right now. This level of stability at the executive level helps provide stakeholders with a sense of confidence. It provides a bridge to continuity as Skechers looks forward under private ownership.
Skechers has always been proud to have its HQ in Manhattan Beach, California since its founding in 1992. The company’s future will remain deeply rooted there for decades to come. The footwear brand really stood out with their creative designs. Its unique product mix helps improve its competitive positioning, complementing its established market stronghold.
3G Capital, the smart-money investment firm known for some of the savviest retail acquisitions on record, is counting on Skechers’ successful brand presence. A central tenet of their strategy is improving operational efficiencies. The firm’s consumer-oriented business management experience resonates with Skechers’ leadership team and recent expansions as outlined by Skechers’ long-term plans.
