M&A Deal Summary

Wolverine World Wide Acquires Sweaty Betty

On August 3, 2021, Wolverine World Wide acquired apparel/textiles company Sweaty Betty from L Catterton Partners and Strand Equity for 410M USD

Acquisition Highlights
  • This is Wolverine World Wide’s 4th transaction in the Apparel/Textiles sector.
  • This is Wolverine World Wide’s largest (disclosed) transaction.
  • This is Wolverine World Wide’s 1st transaction in the United Kingdom.

M&A Deal Summary
Date 2021-08-03
Target Sweaty Betty
Sector Apparel/Textiles
Buyer(s) Wolverine World Wide
Sellers(s) L Catterton Partners
Strand Equity
Deal Type Add-on Acquisition
Deal Value 410M USD
Advisor(s) Goldman Sachs (Financial)
Gibson, Dunn & Crutcher
Pinsent Masons (Legal)

Target

Sweaty Betty

London, United Kingdom
Sweaty Betty is a provider of activewear brand whose purpose is to inspire women to find empowerment through fitness. Sweaty Betty was founded in 1998 and is based in London, United Kingdom.

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Buyer(S) 1

Buyer

Wolverine World Wide

Rockford, Michigan, United States
Category Company
Founded 1883
Sector Apparel/Textiles
Employees3,400
Revenue 2.2B USD (2023)
DESCRIPTION

Wolverine World Wide is a marketer of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. Wolverine World Wide was founded in 1883 and is based in Rockford, Michigan.

DEAL STATS #
Overall 4 of 4
Sector (Apparel/Textiles) 4 of 4
Type (Add-on Acquisition) 3 of 3
Country (United Kingdom) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-29 Wolverine World Wide - DoD Footwear Business

Rockford, Michigan, United States

Wolverine World Wide Inc. - DoD Footwear Business is a manufacturer of shores for SWAT and defense Sectors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-08 Keds

Rockford, Michigan, United States

Keds is a manufacturer of Keds canvas sneakers & leather shoes in a variety of styles, patterns & colors. Keds is based in Rockford, Michigan.

Sell -

Seller(S) 2

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 80 of 101
Sector (Apparel/Textiles) 6 of 6
Type (Add-on Acquisition) 33 of 45
Country (United Kingdom) 4 of 5
Year (2021) 8 of 15
Size (of disclosed) 5 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-27 Eco

San Francisco, California, United States

Eco is a digital wallet for saving and spending. Eco's platform replaces checking accounts, credit cards, and more with a single product that rewards users every time they save, spend, or send their money. Eco was founded in 2018 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-11 Beauty Industry Group

Salt Lake City, Utah, United States

Beauty Industry Group is a supplier of hair extensions and related beauty products. The company sells direct to consumers as well as through a network of over 40 independent distributors throughout the US and Canada. It is dedicated to provide customers with the highest quality products available while also providing unmatched service and value. Beauty Industry Group was founded in 2004 and is based in Salt Lake City, Utah.

Buy -
SELLER

Strand Equity

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2012
Size Small
Type Sector Focused
DESCRIPTION

Strand Equity Partners is a growth equity firm investing in companies from the consumer industry. Prospective transaction types include management buyouts and growth financings. Strand Equity Partners was formed in 2012 and is based in Los Angeles, California.

DEAL STATS #
Overall 9 of 14
Sector (Apparel/Textiles) 2 of 2
Type (Add-on Acquisition) 7 of 9
Country (United Kingdom) 1 of 1
Year (2021) 3 of 6
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-16 Diggs

Long Island City, New York, United States

Diggs improves the safety, happiness and health of pets through thoughtful product design and innovation. Diggs launched by reimagining the dog crate and crate training experience with the Revol Dog Crate, and continues to grow its assortment of better, safer products for pets and pet parents. Diggs is based in Long Island City, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-12 iNNBeauty Project

White Plains, New York, United States

iNNBeauty Project stands for skincare without compromise, delivering superior efficacy, innovative textures, and ingredient stories while being kind to both your wallet and the planet. iNNBeauty Project is based in White Plains, New York.

Buy -
Mergr

Product

Company

Legal