Mergers & TribulationsTransaction Database
ContactSubscribe
Back

Fairness Opinion Detail

SKX FOOpen source

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

Luxury & ApparelApparel, Footwear & Accessories/May 2025/Greenhill

Deal Information

Target
Skechers U.S.A., Inc.
Acquiror
3G Capital
Sector
Luxury & ApparelApparel, Footwear & Accessories
Target Type
Public
Acquiror Type
Financial
Advisors
Greenhill

Transaction Metrics

Enterprise Value
$10.4B
EV / LTM Sales
1.1x
EV / LTM EBITDA
10.3x
EV / Fwd EBITDA

Advisor Transaction Comparables

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

Advisor: Greenhill

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

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

DCF Assumptions

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

Greenhill

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