Shoe Carnival Acquires Rogan’s Shoes for $45 Million

by Katie Lee

Evansville, Ind. — Shoe Carnival, Inc. has acquired Rogan Shoes, Incorporated, a 53-year-old work and family footwear company with 28 store locations in Wisconsin, Minnesota and Illinois, for a purchase price of $45 million.

The acquisition is expected to generate approximately $84 million in sales and approximately $10 million in operating income.

The Rogan’s acquisition advances the company’s strategy to be the nation’s leading family footwear retailer. It immediately positions Shoe Carnival as the market leader in Wisconsin, and it establishes a store base in Minnesota, creating additional expansion opportunities. Following the integration of the acquisition into the company’s Shoe Station growth banner, the combined banner sales are expected to surpass $200 million by fiscal 2025. With the acquisition, the company’s store count increases to an all-time high of 429, keeping the company on track to achieve its target to operate over 500 stores in 2028.

“Our growth strategy is focused on becoming the nation’s leading family footwear retailer through a combination of organic growth initiatives and M&A activity that expands our geographic footprint and customer base,” says Mark Worden, president & chief executive officer of Shoe Carnival. “Over the past five decades the Rogan family has built a brand that is well known and trusted throughout the state of Wisconsin. As such, they have established a clear market leadership position in Wisconsin for work and family footwear, with a compelling assortment, great customer service and a highly committed team of employees.”

“I am excited about the new opportunities for Rogan’s as it becomes part of the Shoe Carnival family,” says Pat Rogan, chief executive officer of Rogan’s. “We share a strong focus on customers and employees and this transaction provides the additional scale and expertise to drive future growth, create efficiencies and expand profitability with that shared focus as the foundation.”

Fiscal year 2023 marks the 19th consecutive year the company ended the year with no debt, fully funding operations, new store growth and store remodels entirely with cash on hand. Additionally, the company is funding the Rogan’s acquisition entirely with cash flow generated in fiscal 2023.

KPMG LLP served as financial and due diligence advisor to Shoe Carnival and Faegre Drinker Biddle & Reath LLP served as its legal advisor in connection with the Rogan’s acquisition. TM Capital served as exclusive financial advisor to Rogan’s.

Evansville, Ind.-based Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers. As of February 13, 2024, the company operated 429 stores in 36 states and Puerto Rico under its Shoe Carnival and Shoe Station banners and offers shopping at and

Founded in 1971 with its first store in Wisconsin, Rogan’s is one of the nation’s largest independent shoe retailers, with 28 stores in three midwestern states: Wisconsin, Minnesota and Illinois.

SOURCE: Shoe Carnival, Inc.

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