Wolverine Worldwide Acquires Sweaty Betty
Wolverine paid $410 million in cash to PE-firm L Catterton, for the shares of Lady of Leisure InvestCo Limited, parent company of the 23-year-old, vertical women’s fitness and lifestyle brand, in a deal that closed Aug. 2. The purchase price represents 16.0x adjusted EBITDA, with the funds coming from cash on hand and WWW’s revolving credit facility. Sweaty Betty’s CEO, Julia Straus will report to WWW president Brendan Hoffman, and the rest of the leadership team will be retained. The brand’s 100% apparel and 100% female focus will diversify WWW’s footwear-heavy business. E-commerce accounts for about 70% of Sweaty Betty’s ... Log in to view full article.