Skechers, the 3G Capital Fund acquires Californian shoes for 9.4 billion cash: goodbye to Wall Street

After 30 years of uninterrupted expansion (also in Italy), Skechers Change step but not direction. The Californian giant of footwear, now the third world manufacturer for turnover, has announced that he has signed an agreement to be acquired by the 3G Capital investment fund in a 9.42 billion dollar operation. The transaction provides for the payment of 63 dollars per action in cash, with a 30% premium compared to the weighted average price on 15 days, and will lead Skechers to leave Wall Street to become a private company. And on the Nyse list the news was welcomed with a rise in the title of almost 25% at the opening of the session.

Third global group for turnover

Founded in 1992 a Manhattan Beach, Skechers has gone from a local reality to a 9 billion dollars company of annual sales, present in over 180 countries with more than 5,300 stores. The brand, known for its « Comfort-First » approach and the constant investment in proprietary technologies, will continue to be guided by the founder and CEO Robert Greenberg, by President Michael Greenberg and Coo David Weinberg, founder of the company The headquarters will remain in California, and the operating model-based on mixed Holesale distribution and direct retail-will remain unchanged.

« We are excited to start a new chapter together with 3G Capital, » said Robert Greenberg. « We share a long -term vision and the commitment to provide consumers with innovative, quality and accessible products. »

The alliance with Warren Buffett

For the American-Brazilian fund, based in New York, known for accompanying Warren Buffett In the Merger between Kraft and Heinz, it is the return to a great acquisition on a global scale.

Today Skechers is recognized as The Comfort Technology Company®, thanks to a range that ranges from lifestyle footwear to the technical ones (running, walking, golf), appreciated for design, ergonomics and competitive price. The success is also due to a mixed international structure: direct branches, joint ventures and distributors guarantee a capillary control over foreign markets, from China to Latin America.

2024 was a record year: 8.97 billion dollars of turnover, 297 million pairs sold and a growing incidence of the digital channel and DTC (Direct-to-Consumer). Patent technologies such as Arch Fit®, Hyper Burst® and Max Cushioning® have strengthened the brand’s reputation in the comfort and sport segment, attracting a faithful and transversal public.

The operation

The agreement includes an alternative option for shareholders: $ 57 per action plus a non -transferable share of the new private entity, subject to proportional distribution if the demand will exceed 20% of the shares in circulation. After closing, 3G Capital will check about 80% of the new corporate vehicle. The transaction will be financed with 3G and debt funds disbursed by JPMorgan Chase.

The Skechers board – including an independent committee – unanimously approved the operation. The shareholders representing 60% of the voting power have already ratified it through written consent. The closure is scheduled for the third quarter of 2025, once the regulatory authorizations were obtained.