LaCrosse Footwear, Inc. created a newly-formed subsidiary which has entered into a definitive agreement to  purchase certain assets of Environmentally Neutral Design Outdoor, Inc., or END Footwear. Subject to customary closing conditions, through the agreement LFI 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 approximately $500,000 and the transaction is expected to be completed by the end of May.


 


END began shipping product in late 2008 to provide everyday athletes with high performance footwear that follows responsible design, and is innovative and technical. END footwear has already received the honors of Best Trail Running Shoe Debut from Runner's World magazine in their April 2009 issue and Best Road Running Shoe Debut in their June 2009 issue.


 


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 key employees will move to the new subsidiary.


“END is encouraged to have the opportunity to continue our efforts to pursue our mission to develop environmentally neutral designed footwear. We believe that  leveraging the back end operations and resources of LaCrosse will assist us in having a swifter and more significant impact on the footwear  industry,” said Estey.


LaCrosse Footwear intends 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. The acquisition of END's assets is expected to allow LaCrosse, which manufactures and sells footwear under both the LaCrosse and Danner brands, the opportunity to compete in new channels and product categories.




“We are excited about the new opportunities for growth with a younger consumer and new channels in the running and outdoor markets,” said Joseph P. Schneider, president and CEO of LaCrosse Footwear, Inc. “There is also great potential to infuse the innovative work that END has done in the areas of development and design around sustainability and lightweight-breathable products into the LaCrosse and Danner brands.”