IRVINE, Calif.--(BUSINESS WIRE)--
Boot Barn Holdings, Inc. (NYSE:BOOT) today announced the completion of
its previously announced acquisition of Sheplers, Inc. (“Sheplers”), a
115-year old western lifestyle company with 25 retail locations across
the United States and an industry-leading e-commerce business.
The Company financed the acquisition and refinanced approximately $172
million of its and Sheplers’ existing indebtedness with an initial
borrowing of $57 million under a new $125 million syndicated senior
secured asset-based revolving credit facility for which Wells Fargo
Bank, National Association, acted as agent, and a $200 million
syndicated senior secured term loan for which GCI Capital Markets LLC
acted as agent.
The acquisition is expected to generate $6 million to $8 million of
annual synergies and be accretive to fiscal 2016 earnings (ended March
26, 2016), excluding estimated one-time transaction and integration
costs of $14 million, and to be approximately 10% accretive post
integration, which is expected to be completed in calendar year 2016.
Jim Conroy, Chief Executive Officer of Boot Barn, stated, “We are
extremely pleased to have closed on our acquisition of Sheplers and
appreciate the hard work of the Boot Barn and Sheplers’ teams for their
efforts in completing this transaction in a timely manner. The
acquisition of Sheplers is a significant step forward in our
omni-channel strategy. This acquisition provides us with opportunities
to create a dual-brand online offering, leverage Sheplers’ domestic and
international customer traffic, and generate operating efficiencies
across the combined online businesses. It also enhances our store
footprint and builds our position in key markets as we rebrand the
Sheplers’ stores to the Boot Barn banner.”
About Boot Barn
Boot Barn is the nation’s leading lifestyle retailer of western and
work-related footwear, apparel and accessories for men, women and
children. The Company offers its loyal customer base a wide selection of
more than 200 work and lifestyle brands. With the addition of Sheplers,
Boot Barn now operates 201 stores in 29 states, in addition to an
e-commerce channel, including both www.bootbarn.com
and www.sheplers.com.
For more information, call 888-Boot-Barn or visit www.bootbarn.com.
About Sheplers
Sheplers was founded in 1899 with its first storefront in Wichita,
Kansas under the name J.W. Gibson Harness Shop, which was later
purchased by Harry L. Shepler and subsequently renamed Sheplers. The
business developed into a major direct-to-customer catalog business that
grew for decades before adding stores in 1961 and launching e-commerce
site in 1999. With a 116 year history, Sheplers has a proven commitment
to customer service and to providing a wide selection of footwear,
apparel and accessories for the western lifestyle.
Forward Looking Statements
This press release contains forward-looking statements that are subject
to risks and uncertainties. All statements other than statements of
historical fact included in this press release are forward-looking
statements. You can identify forward-looking statements by the fact that
they generally include words such as "anticipate," "estimate," "expect,"
"project," "plan,“ "intend," "believe," “outlook” and other words and
terms of similar meaning in connection with any discussion of the timing
or nature of future operating or financial performance or other events
but not all forward-looking statements contain these identifying words.
These forward-looking statements are based on assumptions that the
Company’s management has made in light of their industry experience and
on their perceptions of historical trends, current conditions, expected
future developments and other factors they believe are appropriate under
the circumstances. As you consider this press release, you should
understand that these statements are not guarantees of performance or
results. They involve risks, uncertainties (some of which are beyond the
Company’s control) and assumptions. These risks, uncertainties and
assumptions include, but are not limited to, the following: the failure
to realize the anticipated synergies from the Sheplers acquisition and
other risks of integration; declines in consumer spending or changes in
consumer preferences and the Company’s ability to effectively execute on
its growth strategy; to maintain and enhance its strong brand image; to
compete effectively; to maintain good relationships with its key
suppliers; and to improve and expand its exclusive product offerings.
The Company discusses the foregoing risks and other risks in greater
detail under the heading “Risk factors” in the periodic reports filed by
the Company with the Securities and Exchange Commission. Although the
Company believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect the Company’s actual financial results and cause them to differ
materially from those anticipated in the forward-looking statements.
Because of these factors, the Company cautions that you should not place
undue reliance on any of these forward-looking statements. New risks and
uncertainties arise from time to time, and it is impossible for the
Company to predict those events or how they may affect the Company.
Further, any forward-looking statement speaks only as of the date on
which it is made. Except as required by law, the Company does not intend
to update or revise the forward-looking statements in this press release
after the date of this press release.
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Source: Boot Barn Holdings, Inc.