West coast footwear retailer Shiekh Shoes has announced it has acquired e-retailer Karmaloop, according to a report by Sports One Source.
Karmaloop Inc., which in May 2015 was acquired in bankruptcy proceedings by Comvest Partners, of West Palm Beach, and CapX Partners, Chicago, was sold to Shiekh Shoes for an undisclosed sum.
“Shiekh Shoes LLC is always on the hunt for strategic acquisitions that will strengthen our overall portfolio,” said Matt Fine, president of Shiekh Shoes, in a statement. “Karmaloop is a company with a rich history and a strong brand in a consumer space in which we are deeply familiar. There is a tremendous opportunity to re-tell the Karmaloop story and grow the brand. In addition, we see additional opportunities to leverage the Karmaloop assets to grow our existing businesses in both the brick and mortar and e-commerce channels. There is extraordinary value in this deal and we look forward to bringing Karmaloop into the fold.”
“I founded Karmaloop in my parents basement and painstakingly grew the brand over many years. I am pleased it is in the hands of a group that understands and respects the culture,” said Greg Selkoe, the site’s founder, in a statement.
“This is a great deal for all involved, a true win-win,” Seth Haber, Karmaloop’s former CEO, said in a statement. “I look forward to watching the team at Shiekh Shoes take Karmaloop to the next level.”