CALERES BUYS CONTROLLING STAKE IN BLOWFISH MALIBU FOOTWEAR
Caleres, a diverse portfolio of global footwear brands, has acquired a controlling interest in California-inspired footwear brand Blowfish Malibu, which has trailing 12-month revenue of approximately $27 million. Terms of the deal were not disclosed.
“The decision to partner with Blowfish Malibu was an easy one, as it allows for continued expansion of our overall business and gives us additional exposure to the growing sneaker and casual lifestyle segment of the market,” said Diane Sullivan, CEO, president and chairman of Caleres. “Since they were formed in 2005, Blowfish Malibu has focused on interpreting current global trends to create the newest and hottest original styles in women’s footwear, with a great value proposition, and we can’t wait to welcome the team to Caleres.”
“The opportunity to partner with Caleres, and to grow our brand even further, has inspired the entire team at Blowfish Malibu,” commented Don Weiss, co-founder and president of Blowfish Malibu. “The support of a strong partner – in terms of sourcing and back-office – is something we’ve been searching for, and we’re glad we found it with Caleres.”
“We’re looking forward to working with the entire Caleres team,” aded Stephen Hoyt, co-founder and lead designer of Blowfish Malibu. “This partnership, with an industry leader in leveraging sourcing infrastructure, will open up even more potential for our brand as we continue to make footwear that is comfortable on your feet and good for your soul.”
The majority stake in Blowfish Malibu is being funded using the company’s existing cash flow, and the acquisition is expected to be accretive within one year.
