Canada Goose enters footwear category with acquisition of Baffin

Canada Goose Holdings Inc. has announced acquisition of Baffin Inc., a Canadian designer and manufacturer of performance outdoor and industrial footwear, for a purchase price of 32.5 million Canadian dollars. The company said, this transaction is being funded with available cash on hand and the issuance of 1.5 million Canadian dollars of restricted subordinate voting shares to the seller.

“I have known and admired Baffin President Paul Hubner for years, and watched as he has developed innovative new designs and built a thriving business that is known for making the best and warmest boots. The Arctic heritage and best-in-class functionality of Baffin boots are synonymous with what Canada Goose stands for,” stated Dani Reiss, Canada Goose President and CEO in a statement.

The company added that with over 30 years of experience in the footwear industry, Paul Hubner is an expert in insulated footwear construction and design. He is also a true outdoor enthusiast who has personally tested his product in the North and South Poles, on Mt. Everest and Mt. Rainer, and on countless other adventures.

“I am very excited by this step in our evolution. In joining the Canada Goose family, we could not be in better hands and I look forward to leading the business under their ownership as we realize the full potential of the Baffin brand,” added Hubner.

With its roots in footwear manufacturing dating back to 1979, Baffin is know for its technically advanced, high quality products for adventure and work. With 80 employees in total, Baffin predominantly sells its products through distributors and retailers in Canada and the United States. As a new wholly owned subsidiary of Canada Goose, Baffin will continue to operate on a stand-alone basis out of its headquarters in Stoney Creek, Ontario.

Picture:Facebook/Canada Goose