A consortium comprising Golden Gate Capital, Blum Capital Partners and Wolverine Worldwide have successfully taken New York-listed fashion retailer Collective Brands private in a $2bn deal.
The consortium will pay $21.75 per share in cash for the company including debt.
Collective Brands was formed at the close of Payless’ August 2007 acquisition of Collective Brands Performance + Lifestyle Group, which was formerly known as the Stride Rite Corporation.
The group operates three business units, comprising Payless ShoeSource in Kansas, Collective Brands Performance + Lifestyle Group in Massachusetts and Collective Licensing International in Colorado.
The deal is subject to regulatory approvals and approval by Collective Brands’ shareholders.
The deal will see Wolverine acquire Collective Brands’ Performance + Lifestyle Group, which includes the wholesale and retail operations of the Sperry Top-Sider, Saucony, Stride Rite and Keds brands.
Golden Gate and Blum will jointly own Payless ShoeSource and Collective Licensing International, which together will operate as a standalone entity known as Payless Holdings.
The group’s common stock will no longer be listed or traded on the NYSE.
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