BasicNet (K-Way) takes over Woolrich from L-Gam for 90 million euros
The Turin-based BasicNet group, which owns the K-Way, Superga, Sebago, Briko, Robe di Kappa and Kappa brands, is strengthening its international positioning in the outdoor sector with the acquisition of the historic American brand Woolrich, founded in 1830 in Pennsylvania. In detail, BasicNet, through its own subsidiary, has acquired from the Luxembourg fund L-Gam the rights to the brand on the European market and 100% of Woolrich Europe - which deals with distribution and retail, in 2024 had a turnover of €90 million - for an enterprise value of €90 million.
The transaction provides for part of the sum to be paid in BasicNet ordinary shares in the amount of EUR 12 million (equal to 1.2 million shares with a value of EUR 10 each). The transfer of the shares paid to the counterparty as a component of the initial consideration will be tied for a period of 24 months from the date of execution of the acquisition; the selling party will be able to receive a possible variable deferred consideration upon the achievement of certain result and turnover levels at the end of the three-year period 2026-2028.
"Woolrich is an extraordinary brand, with a history and identity that make it unique on the international outerwear scene. It represents exactly that cultural and authentic heritage that we wish to preserve, enhance and relaunch. It is an operation that is perfectly consistent with our long-term vision, based on dynamic and responsible brand management. - basicNet's CEOs Lorenzo and Alessandro Boglione said. The acquisition comes in a complex economic context, but we are convinced that the solidity of our model and the experience of our team will allow us to bring the brand back to growth'.
The transaction for the acquisition and refinancing of the existing debt will be structured, while cash on hand, through the use of medium- to long-term credit lines and a revolving line for a total maximum amount of EUR 90 million. The new financing will be provided by Unicredit, as the Group's strategic partner and sole lender in the transaction. The acquisition will be completed by the end of 2025.
"This operation marks a new phase in the history of Woolrich, aimed at strengthening the identity of the brand and increasing its international presence, enhancing its almost 200 years of history and reinterpreting the iconic and distinctive elements of the brand in a contemporary key," Lorenzo Flamini, CEO Woolrich.
