Dominion Lending Centres Clearlease Reports Steven Madden (NASDAQ:SHOO) completes $30 million acquisition of Cejon

Dominion Lending Centres Clearlease Reports Steven Madden (NASDAQ:SHOO) completes $30 million acquisition of Cejon

VANCOUVER, BC (May 26, 2011) Dominion Lending Centres Clearlease Reports Footwear and accessories company Steven Madden Ltd. (NASDAQ:SHOO) said Thursday May 26, 2011 that it completed its $30 million buyout of the Cejon group of design and marketing companies.

The deal includes Cejon Inc., Cejon Accessories Inc. and New East Designs LLC. The companies design scarves, wraps, winter accessories and other items. Cejon, which had 2010 net sales of about $64 million, has been a licensee of Steve Madden for winter weather and other accessories since September 2006.

“The acquisition of Cejon enables us to further strengthen and expand our accessories platform,” Chairman and CEO Edward Rosenfeld said in a statement, adding that Cejon will complement the existing accessories business, which mostly concentrates on handbags and belts.

The all-cash transaction is subject to a working capital adjustment and some financial performance-based provisions for the period through June 30, 2016.

The acquisition is expected to add about 7 cents to 9 cents per share in the first full year under Steven Madden ownership after accounting for the company’s three-for-two stock split that was announced earlier this month.

Steven Madden, based in Long Island City, N.Y., runs 87 retail stores including its three on line stores. In early May the company reported its first-quarter net income climbed 16 per cent as new brands and designs drove sales.

Shares of Steven Madden gained $2.22, or 4.1 per cent, to $56 in morning trading. Over the last year, the stock has traded between $30.04 and $56.29.

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Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

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