Wolverine World Wide, Inc. · NYSE:WWW
Wolverine World Wide — Merger or Acquisition (August 2021)
21 slides from Wolverine World Wide's merger presentation, Aug 3, 2021
Slide 1: Wolverine Worldwide
é oe on P A\ WOLVERINE worldwide
Slide 2: Forward Looking Statements
| 2 Forward Looking Statements This presentation contains forward-looking statements, including statements regarding the Company’s 2021 revenue and EPS outlook, Sweaty Betty’s approximate 2021 revenue, the expected benefits of the acquisition, Sweaty Betty’s growth opportunities, the Company’s expec
Slide 3: Wolverine Worldwide: A Strategic Catalyst – Sweaty Betty Acquisition Impact
Wolverine Worldwide A Strategic Catalyst Sweaty Betty Acquisition Impact
Slide 4: Wolverine Worldwide Overview
| 4 Wolverine Worldwide Overview Wolverine Worldwide is a portfolio of global performance and lifestyle footwear and apparel brands focused on our consumers, digital and DTC, and product design and innovation to drive growth. Wholesale & 3P Distributors DTC 2020 Revenue by Channel U.S. EMEA Asia Pac
Slide 5: Acquisition Track Record
| 5 Acquisition Track Record Wolverine Worldwide has a track record of successfully acquiring, integrating, and building brands – including performance brands 1990 2000 2010 2020 + Revenue >30x higher than at acquisition in 1997 Revenue >3x higher than at acquisition in 2009 + + + Revenue >1.5x high
Slide 6: Wolverine Worldwide: A Strategic Catalyst – Sweaty Betty Acquisition Impact
Wolverine Worldwide A Strategic Catalyst Sweaty Betty Acquisition Impact
Slide 7: Strategic Fit
| 7 Strategic Fit Sweaty Betty delivers on all of our strategic acquisition criteria and moves the Company toward the future Wolverine Worldwide • Brands with strategic competencies (apparel and adjacent categories, DTC, digital, etc.) • Brands in fast-growing addressable markets / categories • Busi
Slide 8: Strategic Competencies
| 8 Strategic Competencies Sweaty Betty brings several exceptional key competencies to Wolverine Worldwide in alignment with the Company’s strategic focus Digital DTC Female Consumer Apparel ~70% eCom of total revenue1 >80% DTC of total revenue1 100% women’s of total revenue1 100% apparel of total r
Slide 9: Growing Addressable Market / Category
| 9 Growing Addressable Market / Category The global activewear market is over $200 billion in revenue1, and Sweaty Betty is well positioned within the enviable, growing women’s premium activewear segment, propelled by several powerful consumer trend tailwinds 1. Source: Euromonitor 0% 5% 10% Appare
Slide 10: Value Creation Opportunity
| 10 Value Creation Opportunity Sweaty Betty’s integration into Wolverine Worldwide (WWW) presents several opportunities for value creation Apparel US Market Global Distribution Footwear Centers-of- Excellence Sweaty Betty’s apparel design, development, and sourcing expertise can be leveraged by Mer
Slide 11: Wolverine Worldwide: A Strategic Catalyst – Sweaty Betty Acquisition Impact
Wolverine Worldwide A Strategic Catalyst Sweaty Betty Acquisition Impact
Slide 12: High-Growth. Purpose-Driven. Consumer Passion.
| 12 High-Growth. Purpose-Driven. Consumer Passion. Digital. DTC. Women’s. Premium. Activewear.
Slide 13: Sweaty Betty
| 13 Sweaty Betty 1. Includes 14 concessions in the UK Wholesale DTC eCom DTC Stores Sweaty Betty 2020 Revenue by Channel U.S.EMEA Asia Pac $250M Approximate 2021 Revenue 2013 Expanded into the US market 2018 Launched partnership with Nordstrom NYC Showroom 1998 Founded in London, a global trend-set
Slide 14: Sweaty Betty Is Taking Market Share
| 14 Sweaty Betty Sweaty Betty is growing at an accelerated pace and taking market share with a differentiated brand position and distinctive product offering in the premium women’s activewear market and over 80% of its business in DTC 1. Source: Sweaty Betty financials and Euromonitor 2020 2021 Swe
Slide 15: A Differentiated Brand Position
| 15 A Differentiated Brand Position Sweaty Betty is an authentic, purpose-driven brand focused on empowering women through fitness and beyond through strong engagement with an aspirational consumer 1. Source: McKinsey & Co consumer survey of those who have purchased a brand in last 12 months, Novem
Slide 16: Compelling, Trend-Right Product
| 16 Compelling, Trend-Right Product Sweaty Betty leverages deep insight on its consumer to design high-quality, innovative, fashion- forward activewear with a disruptive mix of performance and style for women Pe rf or m an ce Li fe st yl e Leggings & Pants Shorts & Skirts Dresses & Jumpsuits Tops S
Slide 17: Growth Opportunities
| 17 Growth Opportunities Sweaty Betty is growing at an accelerated pace with several near-term growth drivers and a long runway for continued double-digit growth 1. Source: Euromonitor estimates for 2021 $- $10 $20 $30 $40 $50 UK China US Women’s Activewear Market Size ($B)1 Category Tailwinds UK M
Slide 18: Wolverine Worldwide: A Strategic Catalyst – Sweaty Betty Acquisition Impact
Wolverine Worldwide A Strategic Catalyst Sweaty Betty Acquisition Impact
Slide 19: Transaction Summary
| 19 Transaction Summary Enterprise Value $410 million Valuation Multiple 16.0x EV/EBITDA1 Management Retention Talented leadership team will be retained. Closing Date August 2, 2021 Financing Financed through a combination of existing cash and borrowing under the Company’s revolving credit facility
Slide 20: GAAP to Non-GAAP Adjustments
| 20 GAAP to Non-GAAP Adjustments *To supplement the consolidated condensed financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if environmental and other related costs net of recov
Slide 21: Slide 21
Wolverine World Wide — Merger or Acquisition (August 2021) on 6ix