Deckers Outdoor Corp. will purchase Teva, a sport sandal marketers. Deckers will pay founder Mark Thatcher $43 million in cash and issue stock valued at roughly $13 million. The deal is expected to close by the end of 2002.
The deal gives Deckers all of Teva’s assets, including its catalog and Internet operations, trademarks and patents. Deckers has been selling Teva sandals since 1985. The footwear accounted for roughly two-thirds of Deckers’ revenue in 2001.
While Deckers did not specifically comment on Thatcher’s ongoing involvement, it is likely that he will play a reduced role. In a statement, Thatcher said that he has enjoyed working with Deckers over the years, and that “I am confident in their ability to continue the success of the brand.”
Deckers is based in Goleta, CA.
Network
