Wolverine World Wide sells Sperry to Authentic Brands, ALDO

The sale of the shoe brand became official on 10 January 2024.

Wolverine World Wide, Inc. (WWW) sold the Sperry brand to the Authentic Brands Group, Inc., and the ALDO Group, generating $130m of proceeds in the first quarter.

In a statement, WWW said the proceeds will be used to pay down debt and strengthen the company’s balance sheet.

The announcement also builds on the company’s asset monetisation transactions with a generated value of $250m in 2023.

From the sale, Wolverine World Wide aims to invest more in its brands and platforms, delivering greater value for its shareholders.

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“The sale of the Sperry brand is the next step in our turnaround and strategic transformation. 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,” Chris Hufnagel, President and CEO of WWW, said.

Centerview Partners, LLC had served as financial advisors to Wolverine Worldwide of the sale, and Warner, Norcross + Judd LLP had aided as legal advisors.