Boot Barn Holdings buys Sheplers stores

Boot Barn Holdings announced it will pay $147 million in cash for Sheplers Inc., which operates western stores including an Amarillo location.

The board of directors of Sheplers owner Gryphon Investments of San Francisco has approved the pact, as has the Boot Barn board, according to a Boot Barn news release.

The buyer expects the deal to close the week of June 29, according to a Monday presentation to its investors.

Sheplers is a 116-year-old Wichita, Kan.-based western wear chain, which acquired Boots'n Jeans for an undisclosed price from its Amarillo owner, Ernest Walker, in 1995, according to Amarillo Globe-News archives.

Gryphon Investors acquired Sheplers in 2007 and brought in veteran omnichannel executive Bob Myers as CEO in early 2010.

Since, the retailer has opened 13 stores, implemented a new website, developed a virtual inventory concept and focused on building a state-of-the-art e-commerce business that has driven the company's growth, according to Gryphon.

Once it owns Sheplers' 25 stores, the Boot Barn chain will consist of an estimated 200 stores in 29 states, the company's investor presentation said.

The Amarillo store operates from a 31,450- square-foot space at Wolflin Village on South Georgia Street at Wolflin Avenue, shopping center leasing information shows.

With the purchase, Boot Barn adds eight new retail markets and increases its store presence in Texas and Colorado, the release said.

Sheplers stores will be rebranded as Boot Barns, the buyer said.

Sheplers reported net sales of about $157 million for the 12 months that ended March 28, the Boot Barn release said.

Those sales included $66 million in online sales, one of the reasons Boot Barn cited for making the purchase.

The Sheplers acquisition represents a significant step forward for Boot Barn's omnichannel strategy, Boot Barn said.

"The addition of Sheplers' industry-leading e-commerce platform provides opportunities to create a dual brand online offering, leverage Sheplers' domestic and international customer traffic and create operating efficiencies across the combined online business," the announcement said.

Boot Barn reported net sales of $402.7 million, up 16.4 percent, for the fiscal year that ended March 28. Net income was $13.7 million, the company said.

It opened 18 stores during that period, according to the earnings report.

A call to a Boot Barn spokeswoman was not returned Tuesday. Efforts to reach a representative at Sheplers headquarters also were unsuccessful.

Walker started Boots'n Jeans in 1972, Globe-News files show. The store relocated to Wolflin Village in 1988.