Genesco Inc. entered into a definitive agreement to sell SureGrip Footwear to Shoes For Crews LLC (SFC). Terms of the transaction were not disclosed.
SureGrip markets a broad line of occupational, slip-resistant footwear at a range of price points for the hospitality, grocery, foodservice, healthcare and industrial industries under a portfolio of well-known brands including New Balance, Caterpillar, Dockers, Lila, Merrell, Aerosoles, Crocs, DC Shoes, Johnston & Murphy and Keuka. Like SFC, SureGrip products are distributed both through corporate safety footwear programs and direct-to-consumer.
Adding SureGrip’s branded products to SFC’s portfolio will strengthen the latter’s position as an industry leader in safety footwear. By adding SFC’s outsole technology to select SureGrip products, SFC will be able to offer a selection of branded slip-resistant footwear at a range of price points.
Stuart Jenkins, president, CEO and chief innovation officer of SFC, said, “Shoes for Crews and SureGrip are a natural fit, with the common goal of creating a safer workplace and a shared focus on innovation, quality and exceptional service. We are excited by the many opportunities that will result from bringing SureGrip into our portfolio, especially the ability to offer our customers a wider variety of stylish and comfortable products. We will work closely with Genesco and the talented SureGrip team to ensure a seamless integration and to deliver the many benefits of this great combination for our customers.”
Robert J. Dennis, Genesco chairman, president and chief executive officer, said, “SureGrip is a terrific business with great brand partners and loyal customers. The success of the business over the past six years is a testament to the strength of SureGrip and its entire team. SureGrip and Shoes For Crews share a mutual mission and are a clear strategic fit. Joining with Shoes For Crews will provide new opportunities and is a very positive step for SureGrip and its employees.”
Bret Moore, president of SureGrip, said, “We are excited to bring SureGrip and Shoes For Crews together and expect our employees and customers will benefit from this combination. Stuart and his team have brought a renewed commitment to innovation, product quality and service which are core SureGrip principles. We look forward to working with them to maximize the potential of our combined business.”
The transaction is expected to close by the end of 2016.
Genesco Inc. operates more than 2,800 retail stores and leased departments throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy, Lids, Locker Room by Lids, Lids Clubhouse and Johnston & Murphy. In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, G.H. Bass & Co., SureGrip and other brands.
