SoCal Footwear Company Acquired By Global Investment Firm

MANHATTAN BEACH, CA — Skechers will be going private after being acquired by the global investment company 3G Capital for roughly $9.4 billion, the Manhattan Beach-based company announced Monday.

Skechers said in a statement that its board unanimously approved the transaction, with 3G Capital agreeing to pay $63 per share.

“Over the last three decades, Skechers has experienced tremendous growth,” began Robert Greenberg, Chairman and Chief Executive Officer of Skechers. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organization, in-demand comfort-focused product offering, and loyal partners."

Stockholders will be offered the option to receive $57 in cash per share and one unlisted, non-transferable equity unit under a newly formed privately held company.

Skechers, which is the third-largest footwear brand in the world, was founded in Manhattan Beach in 1992 by Greenberg. It is still headquartered in Manhattan Beach and will remain there, according to the company.

3G Capital was founded in 2004 and serves as a global investment firm and private partnership that focuses on a long-term investment approach.

“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s caliber and the talented Skechers team," 3G Capital said in a statement Monday. "We have immense admiration for the business that this team has built, and look forward to supporting the Company’s next chapter."