Cherokee Inc., sticking to its plan to acquire lifestyle brands, has bought Everyday California from founders Michael Samer and Christopher Lynch.
Terms of the transaction weren’t disclosed.
Everyday, which offers guided kayak tours of the La Jolla Ecological Reserve and rents surfboards, paddleboards, kayaks and snorkels, also offers men’s and women’s apparel and operates a store in La Jolla, Calif.
As part of the transaction, Samer and Lynch will continue to operate the kayak business and retain ownership of the store in La Jolla. They will sell Everyday apparel, accessories and footwear through a licensing agreement with Cherokee. They will also serve as global brand ambassadors for the brand.
“We have been actively working to identify new licensee partners for the brand,” said Henry Stupp, chief executive officer of Cherokee. “Several licensees have already been identified, and we expect to announce them shortly. In addition, through our global platform and expanded licensing network, we are confident that we will be able to swiftly secure international partners for Everyday California.”
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The brand will be formally introduced to the licensing community at the Licensing Expo in Las Vegas, which begins its three-day run June 9.
Stupp said in April that Cherokee was pursuing acquisitions of “style-focused lifestyle brands” with earnings before interest, taxes, depreciation and amortization of between $5 million and $15 million a year and “high potential for international market expansion.”
Cherokee’s stable of brands includes Cherokee, Carole Little, Liz Lange and Sideout. In January 2014 it bought the Tony Hawk and Hawk brands from Quiksilver and has shown interest in other California-bred lifestyle brands.
“Many great active lifestyle brands have been born in California and we are confident that, together with Mike and Chris, we can take an already strong brand and make it even more successful,” Stupp said.