Italy’s BasicNet SpA has acquired footwear label Sebago, which is known for its iconic boat shoes.
The operation, which is valued at $14.25 million, was finalized between BasicNet-controlled TOS Srl and the American group Wolverine World Wide Inc., which is listed on the New York Stock Exchange.
“Sebago is an ideal brand for BasicNet: classic, iconic, sporty and renowned worldwide,” said BasicNet Group founder and chairman Marco Boglione in a statement. “This is a wonderful opportunity for the BasicNet’s network of distribution licensees and sourcing centers.”
BasicNet’s investment was supported by a 13 million euro loan by Florence-based investment bank MPS Capital Services Banca per le Imprese.
Sebago’s new owner and Wolverine also signed a collaboration agreement valid though December meant to better assist the brand’s international clients during the transition period.
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Sebago, which is sold in 90 countries, joins BasicNet portfolio, which already includes Kappa, Robe di Kappa, Jesus Jeans, Superga, K-Way, Sabelt and Briko.
BasicNet closed 2016 with net profits of 10.3 million euros and an EBIDTA of 21.5 million euros, down 32.8 percent compared to 2015.
