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Steve Madden to Buy Canadian Licensee

Steve Madden inked a deal to acquire all the assets of SM Canada, which include Steve Madden Canada, Steve Madden Retail Canada, Pasa Agency and Gelati Imports. The purchase price is $29 million, subject to a working capital adjustment, plus certain earn-

The purchase price is $29 million, subject to a working capital adjustment, plus certain earn-out provisions based on financial performance through March 31, 2017. Net sales for SM Canada for the twelve months that ended July 31, 2011 totaled $32 million.

Founded in 1995 by Thomas Alberga, SM Canada is licensee for Steve Madden in Canada for wholesale and retail distribution of footwear and accessories under Steve Madden’s various brand names, currently operating seven Steve Madden-branded retail stores.

"Canada is a strong and growing market for the Steve Madden brand. Upon the completion of this transaction, we intend to enhance our presence in major department stores and specialty stores, expand our portfolio of Steve Madden stores and further build the infrastructure to support a growing business," says Edward Rosenfeld, chairman and chief executive officer of Steve Madden. "Tommy Alberga and his team have been instrumental in building the business in Canada, and we look forward to our continued partnership as we enter the next stage of growth in Canada."

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