Boot Barn Acquires Sheplers

Boot Barn Holdings Inc. has completed its acquisition of Western-lifestyle company Sheplers Inc.

Boot Barn financed the acquisition — and refinanced approximately $172 million of its and Sheplers’ existing indebtedness — with an initial borrowing of $57 million under a new $125 million syndicated senior secured asset-based revolving credit facility, for which Wells Fargo Bank, National Association, acted as agent, and a $200 million syndicated senior secured term loan, for which GCI Capital Markets LLC acted as agent.

The deal is expected to generate $6 million to $8 million in annual synergies and be accretive to fiscal 2016 earnings (ended on March 26, 2016), excluding estimated one-time transaction-and-integration costs of $14 million, and to be approximately 10 percent accretive post-integration. That integration is expected to be completed in calendar year 2016.

With the addition of Sheplers, Boot Barn now operates 201 stores in 29 states, in addition to an e-commerce business that includes Bootbarn.com and Sheplers.com.

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