LaCrosse Footwear Inc. is about to begin a new chapter with an overseas owner.
The company revealed early today that it has been acquired by ABC-Mart Inc., a large Japanese footwear retailer, for $20 per share in cash, or approximately $138 million.
The purchase price represents a premium of 82 percent over LaCrosse Footwear’s average closing stock price during the last 30 days ended July 5.
“We are very pleased to join with LaCrosse Footwear, which further positions the company and its strong brands for long-term growth worldwide,” said Minoru Noguchi, president of ABC-Mart. “We associate significant value with the LaCrosse and Danner brands, as well as with the company’s outstanding channel partners and proven commitment to operational excellence. We look forward to working with LaCrosse Footwear management and building on the company’s reputation and commitment to outstanding quality, performance and innovation to foster long-term growth and success.”
Joseph Schneider, president and CEO of LaCrosse Footwear, said in a statement that the deal will allow LaCrosse to develop its lifestyle and casual segments, and bolster its core work and outdoor markets. He also highlighted the growing demand for made-in-America footwear. The company will continue to produce some of its styles in its Portland, Ore., manufacturing facility.
“This is a great step forward for LaCrosse Footwear, and we are honored to bring our strong Danner and LaCrosse brands to a larger stage,” Schneider said in a statement.