Canada Goose Holdings Inc. has acquired Canadian footwear firm Baffin Inc. for 32.5 million Canadian dollars.
Baffin is a manufacturer of performance outdoor and industrial footwear. The deal is funded with available cash on hand and the issuance of 1.5 million Canadian dollars of restricted subordinate voting shares to the seller. The transaction is subject to customary closing adjustments.
Dani Reiss, president and chief executive officer of Canada Goose, said, “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. For decades, our products have lived side-by-side in the coldest places on Earth. The Arctic heritage and best-in-class functionality of Baffin boots are synonymous with what Canada Goose stands for.” He said the acquisition will provide Canada Goose with “valuable infrastructure and know-how to start exploring” the global footwear category.
Huber, an expert in insulated footwear construction and design, has tested his product in the North and South Poles, on Mt. Everest and Mt. Rainer. Baffin’s manufacturing roots date back to 1979.
Huber said ownership under Canada Goose will help the Baffin brand realize its full potential. He will continue to operate the business, which will become a wholly owned subsidiary of Canada Goose. The business will operate out of its headquarters in Stoney Creek, Ontario.