Phoenix Footwear Group has signed a letter of intent to acquire H.S. Trask & Co., the Montana-based designer of men’s casual boots and shoes started by former Reebok executive, Harrison Trask. Trask, who designs and develops footwear from buffalo and elk hides, will join the management team at Phoenix, but will remain in Bozeman.
The company will relocate to the Phoenix Footwear headquarters in Carlsbad, CA, but only four employees from H.S. Trask are expected to make the move. The balance will be terminated, according to Phoenix management.
PNX, which moved its headquarters to Carlsbad from Maine last month, said it expects the cash and stock transaction to close in Q3, pending approval by Trask’s stakeholders. The company expects the Trask acquisition to increase its sales 20% to 30% annually, or approximately $7 million to $11 million.
Phoenix Footwear also announced late Friday its stockholders approved an amendment to its certificate of incorporation so that it can implement its previously announced 2-for-1 stock split.
>>> Hardly the Super Bowl of deal the title suggests, but a nice fit for one company that needs a good brand to build and another with limited capital to grow
