The meteoric rise of Michigan’s craft brewing industry has spawned the creation of hundreds of new companies in communities all over the state.
Here is the MiBiz Growth Report for Aug. 7, 2017.
• M&A: Rockford-based Wolverine World Wide Inc. has sold its Sebago brand of boat shoes to an offshoot of BasicNet S.p.A., a clothing and footwear company based in Turin, Italy. A subsidiary, TOS S.r.l., acquired the intellectual property rights for the Sebago trademarks and other assets in a deal valued at $14.25 million, excluding acquisition-related charges, according to a statement from BasicNet. For Wolverine, the move to offload the Sebago brand comes as part of a larger strategy that executives hope will streamline the organization and increase profitability amid a challenging consumer goods market. The two companies agreed to transition the brand to the new owner through the end of this year. Wolverine (NYSE: WWW) acquired Sebago Inc., a maker of penny loafers and docksiders boat shoes, in 2003.
After months of speculation and rumors, Short’s Brewing Co. said today that it plans to sell a 20-percent equity stake to a division of Dutch brewer Heineken International.
Michigan craft breweries have only just started to sell their beer in international markets, but many in the industry believe exporting could soon become an important diversification strategy.