Boot Barn grows store footprint, online reach with acquisition of Shelplers

Irvine, Calif. -- Boot Barn Holdings announced it has entered into a definitive agreement to acquire Sheplers, a 116-year old western lifestyle company with 25 stores across the United States. The purchase price was put at $147 million in cash.



By rebranding the Sheplers stores to the Boot Barn banner, consistent with the strategies of its prior two acquisitions, Boot Barn will enhance its store footprint by adding eight new retail markets and build its position in Texas and Colorado.



The acquisition also represents a significant step forward for Boot Barn’s omnichannel strategy, growing its e-commerce penetration from 4% to 15% (based on the twelve months ending March 28, 2015). For the 12 months ended March 28, 2015, Sheplers had net sales of approximately $157 million, which included $66 million of e-commerce sales.



The two businesses are highly complementary, with a similar western lifestyle focus, customer base, and store experience, which will allow Boot Barn to extend key merchandise categories and brands across the chain and access a combined database of more than five million customers. The acquisition is expected to generate $6 million to $8 million of annual synergies and be immediately accretive to earnings.



“The acquisition of Sheplers enhances Boot Barn’s position as the largest, fastest-growing western and work chain in the United States and creates the leading omnichannel business in the industry,” said Jim Conroy, CEO, Boot Barn.



The transaction is expected to close by the week of June 29, 2015, subject to customary closing conditions.