Portland (Source: FinancialWire)
LaCrosse Footwear, Inc. (NASDAQ: BOOT) (Current Market Cap: US$62.65 Mil.) said a newly-formed subsidiary has entered into a definitive agreement to purchase the footwear assets of Environmentally Neutral Design Outdoor, Inc., or END, a performance footwear company.
Under the deal, LaCrosse will acquire substantially all the assets comprising END’s footwear business, including inventory, intellectual property, and other assets. The purchase price is expected to be around $500,000 and the transaction is schedule to be completed by the end of May, according to LaCrosse.
END began shipping product in late 2008. Once the acquisition is completed, the new LFI subsidiary will continue to sell footwear under the END brand name and will continue operations from END’s Portland, Oregon location. Andrew Estey, current CEO of END, and certain other employees will move to the new subsidiary, according to LaCrosse.
LaCrosse Footwear said it plans to invest in increased marketing efforts and to leverage its capabilities in IT, sourcing, quality, logistics and its international reach to help grow the END brand.
Portland, Oregon-based LaCrosse Footwear is a developer and marketer of branded footwear for work and outdoor users. The company’s brands include Danner and LaCrosse, which are sold to a network of specialty retailers and distributors in the United States, Canada, Europe and Asia.
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