Dealmaker Jamie Salter has scooped up yet another athletic brand.
Salter’s firm Authentic Brands Group — whose fast-growing portfolio of properties includes Marilyn Monroe, Juicy Couture and Hickey Freeman — has acquired sneaker brand Airwalk from Payless ShoeSource.
The deal also includes lifestyle and board-sports labels Hind, Vision Street Wear, and Above The Rim, together accounting for upwards of $600 million in sales, according to people briefed on the businesses.
As part of the agreement, Payless will keep the right to market and sell Airwalk-branded products in its company-owned and franchise stores and online.
Authentic Brands, meanwhile, plans to expand the brand into higher-end specialty stores and other retail outlets, according to people briefed on the deal.
Financial terms of the deal weren’t disclosed. Robert W. Baird served as financial adviser to Payless, which operates more than 4,300 discount shoe stores worldwide.
“We are convinced that there is an incredible opportunity to grow each of these brands and reconnect consumers with them in a powerful way,” said Nick Woodhouse, president and chief marketing officer of Authentic Brands Group.