Morrison & Foerster is advising Cherokee Global Brands (CGB), a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands, on its cross-border acquisition of Hi-Tec Sports, a global leader in sports, outdoor, and work footwear.
Hi-Tec’s products are sold in over 110 countries, predominantly in the United Kingdom, continental Europe, the United States, Canada, South and Central America and Asia. Its retail and e-commerce partnerships include Amazon.com, Millets, Cotswold, Blacks, Walmart, Nordstrom, JD.com, and institutional business around the world includes police, military, fire, security, workwear, and governmental contracts, predominantly under the Magnum brand.
The acquisition involves the disposal of various operating businesses in the United Kingdom, the United States, Canada and South Africa, with whom CGB has secured license agreements. Going forwards, the Hi-Tec business will be converted to a branded licensing model, consistent with CGB’s strategy, and will dramatically expand CGB’s global retail base. As part of the funding of the acquisition, CGB launched a public offering of its securities in the U.S.
MoFo’s cross-border M&A team was led in San Diego by corporate partner Scott Stanton and senior associate Shai Kalansky, and was led in London by corporate partners Gary Brown and Andrew Boyd. San Francisco finance partner Dario Avram led on the acquisition debt financing, and Palo Alto corporate partner Sara Terheggen led on the equity financing.
For more information, see Cherokee’s press release.