Latest news with #3GCapital
Yahoo
14 hours ago
- Business
- Yahoo
Skechers Secures Antitrust Clearance To Go Private, But There Could Be Delays
Skechers Inc. could see a delay in the closing date of its $9 billion go-private deal with 3G Capital. The footwear company on Tuesday received antitrust clearance from the Federal Trade Commission to proceed on its deal with 3G in what is now the biggest shoe buyout in history. The transaction is expected to close in the third quarter. More from WWD Harry Kane Lends His Signature to Skechers' First Athlete-led 'Off Pitch' Lifestyle Sneaker Drop Do Crocs Shrink in Heat? The Issue Is at the Center of a New Lawsuit Shoe Executive Richard Kirschenbaum and G-III Trade Legal Barbs But a hiccup's lurking in the background after a lawsuit was filed May 29 in a federal district court in Los Angeles. The structure of the 3G transaction at $63 a share gives existing Skechers shareholders the option of taking $57 a share in cash and one unlisted, non-transferable equity unit in a newly formed entity that will become the parent of Skechers upon closing of the deal. The Key West Police Officers & Firefighters Retirement Plan (Key West) has a problem with the deal and it wants the closing delayed until it can fully evaluate the transaction. It also doesn't want to be forced to make an election by the deadline for either the $63 per share in cash or the other cash and unlisted equity option. The complaint it filed sued Skechers, along with company founder, chairman and CEO Robert Greenberg and the firm's president, his son Michael Greenberg. The plaintiff on Monday filed a motion for a preliminary injunction to delay the election deadline and the closing of the merger. The Greenberg family has been at the center of the business for the last three decades, taking it from a start-up to a global powerhouse in the footwear industry. Father and son will continue at the helm, along with other members of current management. The deal also took some by surprise, since there was no indication that the company was being put up for sale. It's that factoid that failed to sit right with the plaintiff, who believes that a regulatory requirement calling for certain disclosures in a go-private transaction was violated. The disclosure rule is meant to ensure that shareholders get all material information needed to decide how to vote on a deal. According to TD Cowen retail analyst John Kernan, the Greenberg family owns 60 percent of the voting rights. The company's board has already given its approval. Both conditions plus antitrust approval usually pave the way for a quick close of any planned merger. And that's what the plaintiff doesn't want. Whenever these large merger deals are announced, sometimes lawsuits are filed by plaintiffs hoping to get a settlement that results in a higher price for their shares. For now, the parties have a hearing on the preliminary injunction motion that's scheduled for July 21. Skechers did not respond to request for comment. Skechers said in April that it posted first quarter net sales for fiscal 2025 of $2.41 billion, representing a 7.1 percent increase from $2.25 billion last year. Net earnings fell 2.0 percent to $202.4 million from $206.6 million in the same year-ago period. The company also pulled its financial guidance for the year, with executives on an earnings conference call noting the uncertainty over tariffs and how to navigate that turmoil. Best of WWD All the Retailers That Nike Left and Then Went Back Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Sign in to access your portfolio


Bloomberg
2 days ago
- Business
- Bloomberg
Skechers Prices Over $6 Billion of Debt in Rare Buyout Financing
Footwear maker Skechers USA Inc. priced more than $6 billion in debt on Thursday to support its buyout by 3G Capital, in a sizable deal that showed how eager leveraged finance buyers are for any debt supporting a large merger or acquisition. Portions of the deal, which included bonds and loans, offered better pricing for the borrower, and one tranche allows the company to defer paying cash interest, according to people with knowledge of the matter. But on the latter part, bond investors scored protections that prevent the company from moving assets into new subsidiaries and out of their reach.
Yahoo
2 days ago
- Business
- Yahoo
Timah Partners Closes US$50M Series A to Address Southeast Asia's SME Succession Crisis
SINGAPORE, June 26, 2025 /PRNewswire/ -- Timah Partners ("Timah"), a Singapore-based permanent holding company focused on acquiring and operating essential, recurring B2B SMEs in Southeast Asia—and developing the next generation of SME leaders through its CEO-in-Training program, announced the close of its US$50 million Series A. The round was backed by a distinctive group of investors, including: Founders of iconic HoldCos: Mitch Rales (Danaher), Nick Howley (TransDigm), and Alex Behring (3G Capital) Pioneers of the modern HoldCo playbook: Will Thorndike and Kent Weaver (Compounding Labs), Rick Buhrman and Paul Buser (Sator Grove) Veteran investors from top-tier investment firms: former and current senior leadership at Insight Partners, Norwest, TCV, and Tiger Global Timah is also supported by a board and advisory group that includes senior leaders from DBS Bank, Grab, Quantedge, Union Energy, Singapore Land Authority, JTC Corporation, the Singapore Government, and the National University of Singapore. Timah was founded by Dennis Chua, a Singaporean who grew up around SMEs and returned home after 15 years in the U.S. to launch Timah Partners. Over his career, he worked with world-class investors and operators—including Goldman Sachs, 3G Capital, Tiger Management, and D.E. Shaw—and helped build, from its earliest days, an investment firm focused on small- to mid-sized businesses. He graduated top of his class from Harvard Business School and Cornell University, and is an alumnus of Raffles Institution. Tackling a quiet crisis unfolding in the region In Singapore, for example, SMEs employ over 70% of the workforce. The population aged 65 and above is set to double over the next two decades, yet only a fraction of SME owners have formal succession plans. Too many great companies risk shutting down—not for lack of value, but for lack of a viable next chapter. A different model for ownership Unlike private equity or search funds, Timah does not buy with the intent to sell. With its permanent capital base and horizon, Timah serves as a long-term, values-driven home for retiring founders' life's work. The firm focuses on high-quality, recurring B2B businesses in the $2–10 million EBITDA range, offering full exits and long-term operational stewardship. Timah emphasizes preserving legacy—not overhauling it. "We're not buying to flip," said Dennis Chua, Founder and CEO. "We acquire businesses to operate and grow them over decades, with no pressure to sell. Our investors built some of the best holding companies in the world, and we're applying those lessons here in Southeast Asia." Learn more about Timah's acquisition criteria: Building the next generation of SME leaders At the heart of Timah's strategy is its CEO-in-Training (CIT) program—a structured, hands-on pathway for emerging operators to rise rapidly to C-suite roles within its portfolio companies. Inspired by Alpine Investors' CIT and Shore Capital's CXO programs, Timah's CIT program is designed to develop entrepreneurial leaders who want to run real businesses, create lasting impact, and build equity within a system designed for their success. "Singapore's SME succession problem isn't just about ownership—it's about leadership," said Chua. "We're building a talent pipeline of operators who are excited about ownership and want to roll up their sleeves to run great real businesses." Applications for the first CIT cohort are now open: About Timah Partners Timah Partners is a permanent holding company built to solve Southeast Asia's SME succession crisis. We acquire and operate high-quality, recurring B2B SMEs—serving as the long-term home for the region's best businesses—while building the next generation of SME leaders through Southeast Asia's first CEO-in-Training program. We're not a fund. We're not flippers. We're builders—committed to permanent stewardship, operational excellence, and deep respect for what founders have built. Learn more at View original content to download multimedia: SOURCE Timah Partners Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data


Bloomberg
20-06-2025
- Business
- Bloomberg
Mark Walter Is Creating a Sports Empire With $10 Billion Lakers
For just under $10 billion, private equity firm 3G Capital recently bought Skechers — an ascendant global footwear brand with $9 billion in annual sales and 20,000 employees spread across 5,300 stores. For the same sum, you could now buy the Los Angeles Lakers — a basketball team that generates an estimated $500 million a year, employs 1,000 people, and sells little more than TV rights, tickets, and dreams — plus a century of star-studded mystique.


Fashion Network
16-06-2025
- Business
- Fashion Network
JPMorgan readies $6.5 billion Skechers debt sale for next week
JPMorgan Chase & Co. plans to kick off a $6.5 billion debt offering to support private equity firm 3G Capital's purchase of footwear maker Skechers as soon as next week, according to a person with knowledge of the matter. The financing is expected to include $4 billion of secured debt and $2.5 billion of unsecured debt, the latter of which would allow for a 'payment-in-kind' feature with a toggle option, Bloomberg previously reported. The PIK component means the borrower can choose whether to pay interest in cash or by issuing more debt. It's not clear if next week's offering will include all or some of that debt package, said the person, who was not authorized to discuss the transaction publicly. A JPMorgan representative declined to comment. Representatives for 3G Capital and Skechers didn't immediately respond to requests for comment. Risky debt offerings have rebounded in the past few weeks as markets stabilized from tariff-induced volatility. Deals that have launched have been mostly well-received by investors. The Skechers deal had been expected to launch after the May 26 Memorial Day holiday. 3G Capital expects its $9.4 billion Skechers buyout, which also includes an equity component, to close during the third quarter, according to a company statement. Founded in the early 1990s and based in Manhattan Beach, California, Skechers is now the third-largest global sports footwear retailer. It has nearly doubled revenue over the past five years, and is on the path to reach $10 billion in sales by 2026, according to Abigail Gilmartin, Bloomberg Intelligence's retail analyst, in a report last month.