Harris Williams & Co. Advises Wolverine Worldwide, Inc. on the Sale of Assets Related to U.S. Department of Defense Contract Business to Original Footwear
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for more than 25 years, announces that the firm advised Wolverine Worldwide, Inc. (Wolverine Worldwide; NYSE: WWW) on the sale of assets related to the U.S. Department of Defense (DoD) contract business to Original Footwear, including Wolverine Worldwide’s Big Rapids, Michigan factory, which is one of the largest producers of footwear to the U.S. military. Wolverine Worldwide is one of the world’s leading marketers of branded footwear and apparel and the sale of these assets is part of the company’s ongoing strategic transformation initiative. This is the fourth transaction on which Harris Williams & Co. has served as the exclusive advisor to Wolverine Worldwide. The transaction was led by Corey Benjamin, John Neuner and Brent Spiller of Harris Williams & Co.’s Consumer Group and Nick Owens and Juliann Rienecker of Harris Williams & Co.’s Richmond office.
“We are pleased to have advised Wolverine Worldwide on yet another successful transaction with the sale of assets related to its U.S. DoD contract business,” said Corey Benjamin, a director at Harris Williams & Co. “Original Footwear’s existing presence in the DoD market and ability to compete for contracts set aside for “small businesses” make it an ideal partner to serve this important market and preserve the Big Rapids factory while Wolverine focuses on growing and extending the heritage Bates brand in civilian and military exchange channels.”
“This agreement represents the fourth transaction we have completed for Wolverine Worldwide over the last year and extends our deep track record of representing leading brands in the footwear and apparel sector,” said John Neuner, a managing director at Harris Williams & Co.
With a commitment to service and product excellence, Wolverine Worldwide is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The company's portfolio of highly recognized brands includes: Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Chaco®, Bates®, HYTEST® and Soft Style®. The company is also the global footwear licensee of the popular brands CAT® and Harley-Davidson®. Wolverine Worldwide products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories.
Original Footwear, a leading tactical footwear manufacturer, was founded in 1999 with one single mission: to provide the utmost in service and respect to its customers; to engineer great quality, high value tactical footwear; and to meet the specialized needs of uniformed service professionals. Original’s portfolio of brands includes Original S.W.A.T., Altama, and Ro-Search.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s Consumer Group has completed more than 50 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on Harris Williams & Co.’s Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.