ROCKFORD — Wolverine World Wide Inc. has sold its Sebago brand of boat shoes to an offshoot of BasicNet S.p.A., a clothing and footwear company based in Turin, Italy.
A subsidiary, TOS S.r.l., acquired the intellectual property rights for the Sebago trademarks and other assets in a deal valued at $14.25 million, excluding acquisition-related charges, according to a statement from BasicNet.
The move to offload the Sebago brand comes as part of a larger strategy that executives hope will streamline the organization and increase profitability amid a challenging consumer goods market.
“As an organization, we have always been active portfolio managers, with a sharp focus on our highest-value opportunities,” Chairman and CEO Blake Krueger said in a statement. “We have recently completed a strategic review of our existing portfolio and have been exploring a variety of alternatives for some of our smaller brands and businesses.
“We believe the decision to divest Sebago will allow us to focus on accelerating our most important opportunities while enhancing shareholder value.”
The two companies agreed to transition the brand to the new owner through the end of this year.
Wolverine (NYSE: WWW) acquired Sebago Inc., a maker of penny loafers and docksiders boat shoes, in 2003.