Quiksilver Inc. has sold the Tony Hawk and Hawk Signature apparel brands to Cherokee Inc. for $19 million in cash.
The move, part of Quiksilver’s continuing effort to pare its brand portfolio and focus on the core Quiksilver, Roxy and DC Shoes nameplates, won’t affect Hawk’s current U.S. distribution, under which Kohl’s Corp. has sole rights to Tony Hawk apparel and accessories in the U.S.
Hawk, considered the dominant athlete in skateboarding history, 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.”
He noted that the relationship with Cherokee will allow the brand to expand globally.
“This is Cherokee’s third strategic acquisition in just over a year,” said Henry Stupp, chief executive officer of Cherokee. “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.”
He said the acquisition is expected to be accretive immediately for Cherokee.
Financo acted as financial advisor to Cherokee in the transaction, which was financed in part by credit agreement with J.P. MorganChase.
Cherokee acquired the Liz Lange Maternity and Completely Me brands fro an affiliate of Bluestar Alliance LLC for $14 million in September 2012.