Brown Shoe Acquires American Sporting Goods Corporation

by Nate Hunter

St. Louis and Aliso Viejo, CABrown Shoe Company, Inc. has acquired American Sporting Goods Corporation (ASG) for $145 million in cash plus assumed net debt.


St. Louis and Aliso Viejo, CA—Brown Shoe Company, Inc. has acquired American Sporting Goods Corporation (ASG), a leading designer, manufacturer and marketer of athletic footwear, for $145 million in cash plus assumed net debt. This acquisition broadens Brown Shoe’s reach with consumers seeking healthier lifestyles by complementing its current fitness and comfort shoe offerings with global performance athletic brands such as Avia®, ryka® and AND1®.

For its most recently completed fiscal year, ASG  achieved net sales of $232 million, the majority of which was attributed to its Avia, ryka and AND1 brands, with estimated earnings of $29.6 million. Brown Shoe expects accretion of $0.10 to $0.12 per diluted share in 2011, excluding the impact of certain purchase accounting adjustments as well as transaction and integration costs.

The transaction will be funded at closing entirely through borrowings under Brown Shoe’s revolving credit agreement.

The ASG team will remain in its Aliso Viejo, Calif., offices and report to Mark Lardie, Brown Shoe Division President – Wholesale.  ASG CEO Jerry Turner will remain with Brown Shoe as a consultant for 1 year to assist Lardie with the transition and integration of the two companies.

Brown Shoe is a $2.5 billion global footwear company. Brown Shoe’s retail division operates Famous Footwear, a leading family branded footwear destination with over 1,100 stores nationwide and e-commerce site, approximately 260 specialty retail stores in the U.S., Canada and China primarily under the Naturalizer brand name, and footwear e-tailer Through its wholesale divisions, Brown Shoe designs and markets leading footwear brands including Naturalizer, Dr. Scholl’s, Franco Sarto, LifeStride, Etienne Aigner, Sam Edelman, Via Spiga, Vera Wang Lavender and Buster Brown. For more information, visit

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