Steve Madden Acquires Blondo Assets, Market Watchers Upbeat

Steve Madden Buys Blondo, Market Watchers
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In its latest buy, Steve Madden Ltd. today announced it would acquire boot maker Blondo’s intellectual property assets from Regence Footwear Inc. and 3074153 Canada Inc.

Terms of the transaction were not disclosed. The company said it expects the deal to be dilutive in the first half and accretive in the back half of 2015. The business is estimated to contribute 1 cent in earnings for the full fiscal year.

“Small acquisitions lead to large improvements. Management continues to make smart acquisitions & manage capital well,” said Sam Poser, an analyst at Sterne Agee in a note. ” Blondo provides Steve Madden with a waterproof comfort platform and an older fashionable consumer.”

Madden said Blondo’s annual net sales for the year ended Nov. 30 were $25 million. The firm is expected to introduce new colors and technology into the Blondo assortment.

“Blondo adds authentic weather-resistant footwear collections that complement the Steve Madden portfolio,” said CEO Ed Rosenfeld in a statement. “By leveraging our proven business model and established infrastructure, we believe there is significant opportunity to expand the Blondo business globally.”

Last year, Madden acquired Dolce Vita and Brain Atwood.