Shoe Carnival acquires Rogan’s Shoes for $45M

Shoe Carnival announced that it has acquired Rogan Shoes, Incorporated (“Rogan’s”), a 53-year-old work and family footwear company with 28 store locations in Wisconsin, Minnesota, and Illinois, for a purchase price of $45 million, subject to further adjustments, and funded entirely with cash on hand. The acquisition is expected to be immediately accretive to the Company’s fiscal 2024 earnings and generate approximately $84 million in sales and approximately $10 million in operating income, excluding transaction and integration costs. The Company has an 18-month integration plan in place and expects to capture an additional $1.5 million in synergies annually and to realize half of the profit synergies by fiscal 2025 and the full amount by fiscal 2026. Strategic and cost synergies will be achieved by integrating Rogan’s into the Shoe Station growth banner and leveraging the Company’s existing systems and capabilities.