Southern California's own Skechers USA Inc. has agreed to be acquired by the global investment firm, 3G Capital, in a deal that stands at about $9.4 billion. According to a statement obtained by KTLA, the terms of the acquisition will make Skechers a privately held entity with 3G Capital paying $63 for each share in cash.
Skechers, a staple in the casual and athletic shoe market, was founded back in 1992 and has expanded into a global brand with over 5,300 stores. Its headquarters will stay in Manhattan Beach, ensuring its Southern California roots remain intact. Robert Greenberg, Skechers CEO, highlighted the company’s impressive trajectory, stating, "Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners.”
Management continuity is a given, as current leaders, including Greenberg himself, will keep steering the Skechers ship. 3G Capital's bigwigs, Alex Behring and Daniel Schwartz, voiced their excitement about the partnership, proclaiming Skechers as an "iconic, founder-led brand with a track record of creativity and innovation.” These comments were reported in detail by Skechers' own press release.
The acquisition also includes a fifty-seven-dollar cash option coupled with a non-transferable equity unit for existing Skechers shareholders who opt for this alternative. However, this mixed consideration option is capped at 20% of Skechers' common stock availability. Beyond the finances, the merger is greenlit by the Skechers board of directors and the Greenberg family, who have agreed to opt for the mixed election consideration in the deal. Greenberg and others in the know suggest the transition should seal the deal by the third quarter of 2025, which will later see Skechers' common stock bowing out from the New York Stock Exchange listings.
Supporters of the Skechers brand can expect that the company's driving strategies, such as product innovation, international development, and direct-to-consumer expansion, will proceed as planned. With Skechers posting $9 billion in annual sales and heralded as a Fortune 500 company, the next chapter under 3G Capital’s stewardship could further bolster Skechers’ standing in the global marketplace. Skechers advises stakeholders to seek further information via their website and SEC filings, which could offer more granular details regarding this substantial shift in company structure.
