Outerwear maker Canada Goose now has a stake in the outdoor footwear market with its acquisition of boot company Baffin.
According to a statement, Canada Goose Holdings Inc. purchased Baffin Inc. for $32.5 million Canadian dollars, subject to customary closing adjustments. The transaction, the statement explained, was completed with cash and the issuance of $1.5 million Canadian dollars of restricted subordinate voting shares to the seller.
“I am very excited by this step in our evolution,” Baffin president Paul Hubner said in a statement. “In joining the Canada Goose family, we could not be in better hands and I look forward to leading the business under their ownership as we realize the full potential of the Baffin brand.”
While the label also makes apparel, Baffin, which was established in 1979, is best known for its insulated cold-weather performance footwear. The Ontario, Canada-based company caters to several categories including hiking, hunting lifestyle and fishing.
“I have known and admired Baffin president Paul Hubner for years, and watched as he has developed innovative new designs and built a thriving business that is known for making the best and warmest boots,” Canada Goose president and CEO Dani Reiss said in a statement. “For decades, our products have lived side-by-side in the coldest places on earth. The arctic heritage and best-in-class functionality of Baffin boots are synonymous with what Canada Goose stands for.”
Reiss continued, “As we continue to execute our current growth initiatives and build an enduring brand for generations to come, Baffin provides us with valuable infrastructure and know-how to start exploring the exciting global footwear category. This strategic and long-term investment is an important first step in Canada Goose’s footwear journey.”
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