Stride Rite Acquires Robeez Footwear; Leading Global Marketer and Manufacturer of High-End Footwear For Babies & Young Children
06 Setembro 2006 - 9:00AM
Business Wire
Stride Rite's Children's Footwear Expertise, Capital Strength Will
Help Robeez Continue To Realize Growth Potential The Stride Rite
Corporation (NYSE: SRR) and Robeez Footwear Ltd., the world leader
in soft-soled leather footwear for babies and young children, today
announced that Stride Rite has acquired Robeez for a purchase price
of $27.5 million (CDN$30.5 million) in cash. Founded in 1994 by
Sandra Wilson and based in Burnaby, British Columbia, Canada Robeez
Footwear has grown over the past decade to become the leading
worldwide manufacturer of soft-soled footwear for babies and young
children. Recommended by experts and the first choice of many
parents, Robeez shoes and booties are available in a wide range of
designs and are sold internationally at thousands of boutiques and
specialty stores, including Nordstrom, Saks Fifth Avenue,
Bloomingdale's and Neiman Marcus, as well as in over 350 Stride
Rite retail and licensed partner stores. Robeez is expected to
generate annual net sales of approximately $27 million (CDN$30
million) for the fiscal year ending August 31, 2006. "Robeez is a
high-quality, innovative, well-known name in children's footwear
with solid growth prospects in North America and internationally
and we are delighted to add it to our portfolio of nationally
recognized lifestyle brands, including Stride Rite, Keds, PRO-Keds,
Saucony, Sperry Top-Sider and Tommy Hilfiger Footwear," said David
M. Chamberlain, Stride Rite's chairman and chief executive officer.
"We are also very pleased that Robeez founder Sandra Wilson will
remain with the Company as a consultant, as her ongoing
participation will ensure the continuation of the unique Robeez
design and brand vision." "We are extremely excited for Robeez to
partner with Stride Rite, North America's leader in premium
children's footwear," said Sandra Wilson, founder and chair of
Robeez. "Stride Rite's industry-leading expertise, capital strength
and careful nurturing of its well-known brands will provide a
strong platform for us to execute our growth strategies and
capitalize on our current momentum. Stride Rite shares the same
commitment to high quality and innovative design that our customers
and retailers expect. We look forward to working with the Stride
Rite team to help Robeez reach its full potential." Stride Rite
financed the transaction with a combination of cash on hand and
existing credit facilities. Lane, Berry & Co. International,
LLC acted as financial advisor to Stride Rite in connection with
this transaction and rendered a fairness opinion to Stride Rite's
Board of Directors. Capital West Partners acted as financial
advisor to Robeez in connection with this transaction. About Stride
Rite The Stride Rite Corporation markets the leading brand of high
quality children's shoes in the United States. Other footwear
products for children and adults are marketed by the Company under
well-known brand names, including Keds, Sperry Top-Sider, Tommy
Hilfiger Footwear, Saucony, Grasshoppers, Munchkin, and Spot-bilt.
Apparel products are marketed by the Company under the Saucony and
Hind brand names. Information about the Company is available on our
website - www.strideritecorp.com. Information about the Company's
brands and product lines is available at www.striderite.com,
www.keds.com, www.sperrytopsider.com, www.grasshoppers.com,
www.saucony.com and www.hind.com. About Robeez Footwear Ltd. Since
1994, Robeez Footwear Ltd. has grown from one mom's home-based
business to the world's leading manufacturer and marketer of
soft-soled footwear for newborns to four-year olds. Recommended by
experts and the first choice of many parents, Robeez shoes and
booties are meticulously crafted using genuine leather. Soft,
skid-resistant soles encourage feet to flex and toes to grip,
allowing developing feet to grow naturally. Available in over 80
designs, the footwear is sold internationally at thousands of
boutiques and specialty stores, including some of North America's
most recognized retailers. Today, Robeez has a multi-lingual,
multi-currency website (www.robeez.com) with offices and
distribution throughout North America, Europe and Australia. SAFE
HARBOR STATEMENT This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended, which are intended to be covered by the safe
harbors created thereby. These forward-looking statements,
including, but not limited to, statements regarding upcoming
product lines, division sales expectations, growth expectations,
and sales growth for the Company, reflect our current views with
respect to the future events or financial performance discussed in
the release, based on management's beliefs and assumptions and
information currently available. When used, the words "believe",
"anticipate", "estimate", "project", "should", "expect", "appear"
and similar expressions, which do not relate solely to historical
matters identify forward-looking statements. Investors are
cautioned that forward-looking statements are subject to risks,
uncertainties and assumptions and are not guarantees of future
events or performance, which may be affected by known and unknown
risks, trends and uncertainties, and should not place undue
reliance on these statements. Should one or more of these risks or
uncertainties materialize, or should our assumptions prove
incorrect, actual results may vary materially from those
anticipated, projected or implied. Factors that may cause or
contribute to such differences include, among others:
international, national and local general economic, political and
market conditions; our reliance on independent manufacturers in
China and potential disruptions in such manufacturing caused by
difficulties associated with political instability in China, the
occurrence of a natural disaster or outbreak of a pandemic disease
in China, labor shortages or work stoppages, and changes in duty
structures; the impact of changes in the value of foreign
currencies, including the Chinese Yuen; the possible failure to
retain the Tommy Hilfiger footwear license or other current license
agreements; increased leverage from the financing of our recent
acquisition; intense competition among sellers of footwear; delay
in opening new stores; a decline in the volume of anticipated
sales; revenues from new product lines may fall below expectations;
a delay in the launch of new product lines; an inability to achieve
expected results for new retail concepts; general retail sales
trends may be below expectations; consumer fashion trends may shift
to footwear styles not currently included in our product lines; our
retail customers, including large department stores, may continue
to consolidate or restructure operations resulting in unexpected
store closings; and additional factors discussed from time to time
in our filings with the Securities and Exchange Commission (the
"SEC"), all of which are available at the SEC's website at
www.sec.gov. We expressly disclaim any responsibility to update
forward-looking statements.
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