Footwear giant Wolverine Worldwide has added the UK activewear brand Swear Betty into its portfolio after sealing a deal of $410m overnight.
Wolverine Worldwide, behind footwear brands like Merrell, Saucony, Sperry and Hush Puppies, bought Swear Betty from consumer-focused private equity firm L Catterton.
The deal was funded by cash and the company’s revolving line of credit.
“Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear,” said Brendan Hoffman, President of Wolverine Worldwide.
Founded in 1998, Sweaty Betty has focused on the women’s activewear category in the UK and has quickly grown as a global brand.
The brand partnered with L Catterton in 2015 to expand its physical and digital footprint into Asia and establish selective wholesale partnerships in Europe and the US.
“Wolverine Worldwide’s portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution, and supply chain expertise provides a strong platform to expand Sweaty Betty,” said Julia Straus, Sweaty Betty’s CEO.