Wolverine Worldwide Inc., Advent International, CVC Capital Partners, Sycamore Partners, and Cerberus Capital Management are on the list of companies that have been asked to submit final bids in August to acquire Reebok, according to a report from Reuters.
On February 16, Adidas AG formally announced plans to divest its underperforming Reebok brand after announcing last December it had begun a review whether to sell the brand.
According to reports, Wolverine World Wide, the parent of Saucony, Merrell and Sperry, is partnering with Authentic Brands Group (ABG) on its offer.
ABG has accumulated a broad portfolio of fashion and sports brands in recent years. In the active lifestyle space, ABG owns Eddie Bauer, Spyder, Tretorn, Tapout, Prince, Volcom, Airwalk and Vision Street Wear.
Reuters said Reebok is expected to sell for about $1.2 billion.
Adidas acquired Reebok for $3.8 billion in 2006 although the business at the time also included Rockport, the NFL, NBA licenses, and Reebok-CCM Hockey.
When the sales process was first announced, other potential acquisition partners cited in reports included VF Corp., the parent of The North Face, Vans, Timberland, and Supreme; China-based Anta International Group Holdings, which owns Amer Sports; and rapper Percy “Master P” Miller in partnership with former NBA star Baron Davis.
In February, in announcing the start of the sales process, Adidas CEO Kasper Rorsted said in a statement, “The long-term growth opportunities in our industry are highly attractive, particularly for iconic sports brands. After careful consideration, we have come to the conclusion that Reebok and Adidas will be able to significantly better realize their growth potential independently of each other. We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it.”
Logo courtesy Reebok
