Terms of the acquisition were not disclosed. Revenue for Chaco was reported at more than $20 million in 2008.
“Chaco’s leadership in the outdoor market, particularly in the sandal market, makes it a natural fit for our company, and we believe the brand will immediately benefit from Wolverine’s established global brand-building expertise, distribution network and logistics infrastructure,” said Blake Krueger, CEO and president of Wolverine, in a statement. “We believe the Chaco brand still has tremendous potential in the U.S. market and has enormous untapped potential globally.”
Chaco will become part of Wolverine’s Outdoor Group, with its employees reporting to group president Scott Sible. According to the statement, all Chaco employees will continue to work for the brand as an “integration strategy” is executed. Chaco’s founder, Mark Paigen, will serve as a consultant.
“As part of Wolverine’s Outdoor Group, Chaco can maintain its integrity and dedication to making footwear that has inspired strong consumer loyalty for more than 20 years,” Paigen said in the statement. “This move will provide the needed resources and international reach for Chaco to realize its full potential.”
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