Outdoor footwear and apparel standout Oboz has been purchased by a New Zealand-based retail chain.
Kathmandu Holdings Ltd. announced in its 2018 first-half results today that it has agreed to acquire the Bozeman, Mont.-based brand. The company stated it bought Oboz Footwear LLC for $60 million in cash and an earn-out of up to $15 million.
The anticipated closing of the deal, according to Kathmandu, is in April, subject to customary closing requirements.
“This is a significant event for the company, accelerating our international growth, and diversifying our product mix, geography and channels to market,” Xavier Simonet, CEO of Kathmandu, said in a statement.
Kathmandu stated the acquisition of Oboz will help it in its mission to transform “from an Australasian retailer to a global outdoor apparel and equipment brand” and bolster its footwear offerings, which is important to its overall business because it is “a less seasonal product category that drives frequent customer visitation.”
Adding Oboz, the retail chain stated, will also increase its credibility internationally, mostly with its underdeveloped markets, such as Europe and Asia.
Kathmandu announced in its 2018 first-half results a sales increase of 4.3 percent to NZ$204.8 million ($147.3 million at the current conversion rate), led by 3.7 percent growth in Australia, its largest market.
Oboz announced in February the addition of 20 new brand ambassadors to its Trail Team throughout the U.S. and Canada.
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