- Prachi Singh |
Differential Brands Group has completed the acquisition of SWIMS, a Scandinavian lifestyle brand best known for its range of footwear and sportswear. The company distributes its full range of footwear, swimwear, outerwear, ready-to-wear and accessories worldwide through department stores, independent specialty stores, and luxury resorts. Its products are also available on its own webstore and ten licensed SWIMS-branded stores.
“This marks the first acquisition for Differential Brands, and we are thrilled to be adding SWIMS, a sought-after lifestyle brand, to our portfolio. SWIMS’ unique, global footprint in the water-resistant footwear and apparel category aligns well with our strategy to build a portfolio of complementary, premium brands that consumers are passionate about. The transaction also adds a strong sales network around the world to build our existing Robert Graham and Hudson businesses,” said Michael Buckley, Chief Executive Officer of Differential Brands.
The transaction is expected to be immediately accretive for Differential Brands. The acquisition and related expenses were financed through a combination of Differential’s common stock totaling approximately 700,000 shares, certain warrants and cash. The company obtained a 13 million dollars bridge financing facility in order to facilitate the closing of the transaction.
“We are excited to partner with the Differential Brands team to capitali se on their expertise and infrastructure, as well as leverage their omni-channel distribution strategy to expand SWIMS’ presence, including in the US. We’re also looking forward to helping diversify the geographic presence of Robert Graham and Hudson through our well-developed international network,” added Alex Eskeland, President and Co-Founder of SWIMS.