Sebago has a new, Italian parent company.
BasicNet SpA purchased the New England heritage footwear brand from Wolverine Worldwide for roughly $14.25 million to add to its portfolio, which includes Superga and Kappa.
The decision to divest Sebago is part of Wolverine Worldwide’s restructuring plan, Wolverine Way Forward, to strategically improve the company’s ability to respond to consumer demands.
Sebago was part of Wolverine’s $1.24 billion acquisition of Performance + Lifestyle Group (PLG) in 2012, which also included Keds, Sperry Top-Sider, Stride Rite and Saucony.
“As an organization, we have always been active portfolio managers, with a sharp focus on our highest-value opportunities. We have recently completed a strategic review of our existing portfolio and have been exploring a variety of alternatives for some of our smaller brands and businesses,” said Blake Krueger, Wolverine Worldwide chairman, CEO and president. “We believe the decision to divest Sebago will allow us to focus on accelerating our most important opportunities while enhancing shareholder value.”
Wolverine and BasicNet will collaborate through December for a successful and easy transition for Sebago, which is sold in around 90 countries.
“The priority at this time is to integrate production with our licensees,” said BasicNet Founder Marco Boglione in a statement. “I want Sebago in all the stores that count in Italy and in the world but we also push on platforms like Zalando and Amazon where the brand is strong.”