Boot Barn Holdings Inc. has closed on its acquisition of Sheplers Inc. four weeks after the two western lifestyle retailers agreed to the deal.

The acquisition was made for $147 million in cash. Boot Barn financed the deal and refinanced about $172 million of its and Sheplers existing debt by drawing down $57 million under a new $125 million senior-secured asset-based revolving credit facility, for which Wells Fargo Bank acted as agent, and a $200 million senior-secured term loan for which GCI Capital Markets LLC served as agent.

With the addition of Sheplers’ 25 units, the company will operate a total of 201 stores in 29 states. Sheplers stores will be rebranded as Boot Barn units, but the company will continue to operate both its e-commerce site and the Sheplers e-commerce site at

When the deal was struck on June 1, Boot Barn said the addition of Sheplers would increase its e-commerce penetration to 15 percent of sales from 4 percent.

The purchase is expected to generate from $6 million to $8 million of annual synergies and to add $14 million in earnings in the fiscal year ended March 26, including one-time transaction and integration costs. Following completion of integration in the 2016 calendar year, the addition is expected to be 10 percent accretive to earnings.

“The acquisition of Sheplers is a significant step forward in our omnichannel strategy,” said Jim Conroy, chief executive officer of Irvine, Calif.-based Boot Barn. “The acquisition provides us with opportunities to create a dual-brand online offering, leverage Sheplers’ domestic and international customer traffic and generate operating efficiencies across the combined online businesses.”

In the 12 months ended March 28, Sheplers had net sales of $157 million, $66 million of that total coming from online sales. Boot Barn, which went public in October, had sales of $402.7 million. At a 4 percent online penetration rate, e-commerce sales for Boot Barn would have been about $16.1 million.