Steve Madden Announces Acquisition of The Topline Corporation for $55M

Steve Madden SHOO today announced that it has completed its acquisition of privately held The Topline Corporation, a designer, producer, and marketer of private label and branded footwear. Founded by William F. Snowden in 1980, Topline sells its trend-right footwear primarily to specialty retailers and department stores. Topline's owned brands include Report, Report Signature and R2 by Report. Topline had net sales in 2010 of approximately $189 million. The acquisition was completed for $55 million in cash subject to a working capital adjustment plus an earn-out provision based on financial performance through June 30, 2012. The transaction is expected to be immediately accretive, contributing approximately $0.05 - $0.07 in diluted EPS in its first full year under Steve Madden ownership after giving effect to the Company's recently announced 3-for-2 stock split.