Skechers U.S.A., Inc. to 3G Capital

Luxury & Apparel/May 2025/Greenhill

Deal Information

Target

Skechers U.S.A., Inc.

Acquiror

3G Capital

Sector

Luxury & Apparel

Target Type

Public

Acquiror Type

Financial

Advisors

Greenhill

Enterprise Value

$10.4B

EV / LTM Sales

1.1x

EV / LTM EBITDA

10.3x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV/LTM EBITDA selected range: 8.0x - 11.0x

12 comps


Feb 2025	Helly Hansen	Kontoor Brands, Inc.	-	-	16.8x	-
Jun 2024	Champion	Authentic Brands Group	-	-	11.1x	-
Jul 2021	Sweaty Betty	Wolverine World Wide, Inc.	-	-	16.0x	-
Jun 2018	Perry Ellis International, Inc.	George Feldenkreis	-	-	8.8x	-
May 2017	Kate Spade & Company	Coach, Inc.	-	-	9.4x	-
Dec 2013	The Jones Group Inc.	Sycamore Partners	-	-	8.7x	-
Dec 2013	Lucky Brand Jeans	Leonard Green & Partners, L.P.	-	-	6.8x	-
Oct 2012	The Warnaco Group, Inc.	PVH Corp.	-	-	8.6x	-
May 2012	Collective Brands, Inc.	Wolverine World Wide, Inc./ Golden Gate Capital/ Blum Capital Partners	-	-	8.3x	-
Feb 2012	Kenneth Cole Productions, Inc.	Kenneth Cole	-	-	10.0x	-
Jun 2011	The Timberland Company	V.F. Corporation	-	-	12.9x	-
Nov 2010	J.Crew Group, Inc.	TPG Capital/Leonard Green & Partners, L.P.	-	-	8.6x	-
	Mean			-	10.5x	-
	Median			-	9.1x	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Greenhill	11.0% – 12.0%	Perpetuity growth	2.0% – 4.0%	Skechers Management Projections	March 31, 2025 through end of calendar year 2029	Open