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Boot Barn Buys PE-Backed Sheplers for $147M in Cash

6/02/15 2:12 PM EDT
Boot Barn Holdings Inc. said June 1 it has agreed to buy fellow western lifestyle retailer Sheplers Inc. for $147 million in cash. The seller is San Francisco-based private equity firm Gryphon Investors. A source told The Deal's Richard Collings that Gryphon realized a return of 2.9 times its growth investment in Sheplers. Gryphon declined to comment. Gryphon Investors bought Sheplers in 2007 from Jabara Ventures Group and Sheplers management for undisclosed terms. The sale of Sheplers to Boot Barn is expected to close by the week of June 29. Boot Barn expects to finance the deal with third party debt. Sheplers, a 116-year-old company, has 25 retail locations across the U.S. and an e-commerce business. For the 12 months ended March 28, 2015, Sheplers had net sales of approximately $157 million, including $66 million of e-commerce sales, and adjusted Ebitda of $14.9 million. Boot Barn said the acquisition creates the largest omni channel western and work wear retailer in the U.S. According to Boot Barn, the deal boosts its e-commerce penetration from 4% of sales to 15% of sales based on the 12 months ended March 28, 2015.
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