Skechers Announces Acquisition by Global Investment Firm

MANHATTAN BEACH (CNS) – Manhattan Beach-based shoe giant Skechers USA announced Monday it will be acquired by the 3G Capital global investment firm, which will take the company private.

Under the deal, estimated at about $9 billion, the company will continue to be led by Chairman/CEO Robert Greenberg, President Michael Greenberg and COO David Weinberg. The company will also remain headquartered in Manhattan Beach.

“Over the last three decades, Skechers has experienced tremendous growth,” Robert Greenberg said in a statement. “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.”

The deal calls for 3G to pay $63 per share for all remaining shares of Skechers, which the company said represents a 30% premium on the firm’s 15- day “volume-weighted average stock price.” It also includes an option for existing shareholders to receive $57 along with one equity unit in the newly formed private company that will become Skechers’ parent company.

“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,” 3G Capital’s co-managing partners Alex Behring and Daniel Schwartz said in a join statement. “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.”