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.
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.