ABC-Mart, the Japanese retailer of athletic, business and casual footwear, will acquire all outstanding shares of US-based LaCrosse Footwear for approximately US$138 million or US$20 per share.

Under the agreement, ABC-Mart will commence a tender offer to purchase all of the outstanding shares of LaCrosse Footwear. The transaction is expected to close in the third calendar quarter of 2012.

“This transaction will bring together the complementary strengths of ABC-Mart’s extensive knowledge in the footwear retail industry with LaCrosse Footwear’s high quality footwear manufacturing craftsmanship,” said Minoru Noguchi, ABC-Mart president.

The acquisition will help LaCrosse Footwear to expand in Japan, South Korea, Taiwan, Hong Kong, and the rest of Asia, as well as in Europe.

Wisconsin-based LaCrosse Footwear is well known in the work and outdoor markets with premium products designed to kit people out for outdoor pursuits. It also produces uniforms.  

LaCrosse Footwear carries brands Danner and LaCrosse that are sold to a network of specialty retailers and distributors in the US, Canada, Europe and Asia.

“In addition to delivering compelling value to our shareholders, the partnership with ABC-Mart also creates clear benefits for our customers, suppliers and employees,” said LaCrosse Footwear president and CEO Joseph Schneider.

Upon the completion of the acquisition, LaCrosse Footwear will become a wholly-owned subsidiary of ABC-Mart and will continue operations in Portland, Oregon.

ABC-Mart operates approximately 800 stores throughout the ABC-Mart Group, with its store network expanding to South Korea and Taiwan. It offers wide selection of fashionable shoes, ranging from formal business shoes, women’s pumps, to athletic footwear.

The company owns brands such as Hawkins and Nuovo, and distributes brands Vans, Saucony and Sperry Top-sider in Japan.

GB