BEAVERTON, Ore. (Dow Jones/AP) — Nike Inc. said Wednesday it has acquired the parent company of the Starter athletic-gear brands for about $43 million.
The Beaverton-based sneaker giant acquired 100 percent of the equity shares of Official Starter Properties LLC and Official Starter LLC.
The entities are the owners and licensers of the Starter, Team Starter and Asphalt brand names as well as master licensee of the Shaq and Dunkman brands, a line of athletic apparel, footwear and accessory products.
The business will be operated by Exeter Brands Group LLC, a newly created operating unit of Nike.
Effective immediately, Mary Gleason, former president and chief executive of Group 3 Design, the brand management company that has managed the Starter brand since 1999, will become president of the New York-based Exeter Brands Group.