Rockford, Mich. -- Wolverine Worldwide said Tuesday it will complete its previously announced acquisition of Collective Brands' Performance + Lifestyle Group, which consists of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands, for $1.24 billion.
The banners will become Wolverine’s largest operating group, adding more than $1 billion in revenue to Wolverine’s existing stable of brands such as Merrell and Hush Puppies.
"Today marks a transformational event for our company," said Blake W. Krueger, Wolverine Worldwide chairman and CEO. "The PLG team, under the leadership of Gregg Ribatt, has done an exceptional job of building a world-class organization, and we are incredibly pleased to welcome more than 3,800 PLG associates to the Wolverine Worldwide team."
Wolverine said it plans to accelerate the growth of the PLG brands, particularly outside the U.S.