Cherokee acquires two apparel brands from Quiksilver

Cherokee has declared acquisition of the worldwide Tony

Hawk and Hawk signature apparel brands from Quiksilver, for an all-cash purchase price of 19 million dollars. The acquisition closed on January 10, 2014.

Tony Hawk, the most dominant athlete in skateboarding history, is the founder of Tony Hawk clothing which was originally sold to Quiksilver in 2000. The brand was and will continue to be, exclusively licensed in the United States to Kohl’s Corporation with Tony Hawk clothing and accessories sold in 1,158 Kohl’s department stores and online.

Hawk was ranked the number-one vertical ramp skateboarder in the world every year from 1984 to 1996 and is best known for completing the first documented 900-degree aerial spin at the 1999 X Games. Over the past 12 years, the Tony Hawk Foundation has donated over 4.6 million dollars to help create 537 skateparks throughout the US.

Commenting on the acquisition, Tony Hawk said, “I’ve been working closely with the Cherokee team and will continue to be actively involved in the brand’s development, connecting with fans and action sports enthusiasts worldwide. I am very excited to be working with Cherokee and to continue the line’s successful relationship with Kohl’s while expanding our relationships globally.”

“The acquisition of the Tony Hawk signature apparel brand is a great way to start the New Year for Cherokee,” exclaimed Henry Stupp, Cherokee’s Chief Executive Officer, adding, “This is Cherokee’s third strategic acquisition in just over a year. We identified the Tony Hawk brand for a variety of reasons including the opportunity to further expand into the department store and specialty channels of distribution globally.”

Financo acted as exclusive financial advisor to Cherokee in the transaction. On January 10, 2014 in connection with the acquisition, Cherokee and JPMorgan Chase Bank entered into a credit agreement to finance the purchase of the Tony Hawk and Hawk signature apparel brands.