Skechers U.S.A., Inc. announced that it has agreed to be acquired by 3G Capital, a global investment firm built on an owner-operator approach to long-term investing. The transaction, which was unanimously approved by the Skechers board of directors including a committee of independent directors, is a transformational long-term partnership opportunity for Skechers to further evolve as a global leader in both lifestyle and performance footwear. The company’s senior management team will lead that transition alongside 3G Capital. Further, Skechers will continue to be led by Chairman and CEO Robert Greenberg, President Michael Greenberg, and the rest of the current management team. It will remain headquartered in its hometown of Manhattan Beach, CA, where it was founded over 30 years ago.
“Over the last three decades, Skechers has experienced tremendous growth,” states Robert Greenberg, chairman and CEO of Skechers. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners. With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital. Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will support our talented team as they execute their expertise to meet the needs of our consumers and customers while enabling the Company’s long-term growth.”
“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team. Skechers is an iconic, founder-led brand with a track record of creativity and innovation. We have immense admiration for the business that this team has built, and look forward to supporting the Company’s next chapter. Our team at 3G Capital is built to partner with companies like Skechers,” states Alex Behring, co-founder and co-managing partner, and Daniel Schwartz, co-managing partner, of 3G Capital.
Under the terms of the definitive merger agreement, 3G Capital has agreed to pay $63 per share in cash for all outstanding shares of Skechers, representing a premium of 30 percent to Skechers’ 15-day volume-weighted average stock price. The transaction includes the option for existing shareholders of Skechers to instead receive $57 in cash and one unlisted, non-transferable equity unit in a newly-formed, privately held company that, following the closing of the transaction, will be the parent company of Skechers.
