Wolverine Worldwide Inc. in Rockford, north of Grand Rapids, has sold the Sperry brand to Authentic Brands Group Inc. in New York and the ALDO Group in Canada for approximately $130 million.
The transaction closed Wednesday and the proceeds will be used to pay down company debt, according to Wolverine.
“The sale of the Sperry brand is the next step in our turnaround and strategic transformation,” says Chris Hufnagel, president and CEO of Wolverine Worldwide. “We conducted a rigorous process that considered a comprehensive set of strategic alternatives for the brand, and we believe this is the best outcome for the company and our vision for the future.”
The announcement builds on Wolverine’s previously announced asset sales that collectively generated nearly $250 million in cash in 2023.
“In a very short time, we have meaningfully reshaped Wolverine Worldwide — simplifying the portfolio, reducing our debt, and redesigning the organization to drive improved performance and profitability,” Hufnagel says. “These efforts have enhanced the company’s capacity to invest in our brands and platforms, and I am excited about the next chapter in our turnaround — focused squarely on building consumer-obsessed global brands and delivering greater value for our shareholders.”
Wolverine’s brand portfolio now includes Merrell, Saucony, Sweaty Betty, Hush Puppies, Wolverine, Chaco, Bates, HYTEST, and Stride Rite. The company also is the global footwear licensee of the Cat and Harley-Davidson brands.
Centerview Partners served as financial advisors to Wolverine Worldwide, and Honigman and Warner, Norcross + Judd served as legal advisors.
