Bozeman, Mont., shoe company Oboz Footwear has been acquired by New Zealand-based outdoor retailer Kathmandu in a deal worth as much as $75 million, the companies announced this week. The move will not affect Oboz’s headquarters on the corner of Olive Street and Wallace Avenue or the company’s 22 Bozeman employees, said founder John Connelly, who will continue as CEO and president.
The deal comprises a $60 million payment and up to another $15 million based on Oboz’ future financial performance.
The two companies have a history, with Kathmandu the second retailer after REI to sell Oboz boots, sandals and shoes following the Montana company’s founding in 2007. It is the exclusive Oboz distributor in New Zealand and Australia.
A publicly traded company with roughly 2,000 employees and annual sales of around $315 million, Kathmandu operates more than 160 stores across Australia and New Zealand.
Kathmandu stated the acquisition of Oboz will help it in its mission to transform “from an Australasian retailer to a global outdoor apparel and equipment brand” and bolster its footwear offerings, which is important to its overall business because it is “a less seasonal product category that drives frequent customer visitation.”
Adding Oboz, the retail chain stated, will also increase its credibility internationally, mostly with its underdeveloped markets, such as Europe and Asia.
