St. Louis -- Brown Shoe Co. said Thursday that it has acquired privately held athletic shoe maker American Sporting Goods Corp. for $145 million.
The acquisition broadens the reach of Brown Shoe, which makes Dr. Scholl's, LifeStride, Franco Sarto and other brands and operates Naturalizer and Famous Footwear stores. ASG's brands include Avia, Ryka women's fitness footwear and AND1 basketball shoes for men and boys.
"Acquiring ASG adds the critical element of performance athletic footwear to our comfort and fitness offerings, better positioning Brown Shoe to meet consumer demand for products that support active and healthy lifestyles," Brown Shoe president and COO Diane Sullivan said in a statement.
ASG CEO Jerry Turner will remain with Brown Shoe as a consultant for a year to assist with the transition.