Sweaty Betty sold to Wolverine for £295m

Wolverine Worldwide, the Michigan-based company that operates a portfolio of footwear and lifestyle brands including Sperry, Hush Puppies, Saucony, Wolverine and Keds, has acquired Sweaty Betty  from private equity group L Catterton for around $410m (£295m).

Sweaty Betty will continue to be led by CEO Julia Straus, who will report to Brendan Hoffman, president of Wolverine Worldwide.

Hoffman said: “Sweaty Betty aligns perfectly with our strategic growth plan for Wolverine Worldwide, as we focus on growing digital channels, expanding our international footprint, and building our brand portfolio beyond footwear.”

Straus said Wolverine’s “portfolio of purpose-driven heritage brands, knowledge and expertise in building performance brands, robust international distribution, and supply chain expertise provides a strong platform to expand Sweaty Betty and further our mission to ‘empower more women through fitness all over the world'. ”

The completed on Monday, and was funded by cash and a revolving line of credit.

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