Wolverine World Wide sells Sperry for $130 million, reduces debt

Chicago, Jan. 11 – Wolverine World Wide, Inc. completed the sale of Sperry to Authentic Brands Group, Inc. and the ALDO Group, according to a press release.

The transaction closed Wednesday, generating total proceeds of approximately $130 million.

The proceeds are being used to pay down debt, “further strengthening the company’s balance sheet,” according to the release.

The company said it generated nearly $250 million in cash in 2023 from asset monetization transactions.

Centerview Partners, LLC, served as financial adviser to Wolverine Worldwide, and Honigman LLP and Warner, Norcross + Judd LLP served as legal adviser.

Wolverine is a Rockford, Mich.-based marketer and licensor of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel.

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