Cherokee Inc. (Nasdaq: CHKE) has acquired the Tony Hawk and Hawk apparel brands from Quicksilver Inc. for $19 million.
Skateboarder Tony Hawk founded his namesake clothing line, which was sold to Quicksilver in 2000. The brand is exclusively licensed to Kohl’s Corp. (NYSE: KSS).
Hawk is best known for completed the first documented 900-degree aerial spin at the 1999 X Games.
Cherokee, headquartered in Sherman Oaks, Calif., markets and manages fashion and lifestyle brands, including Cherokee, Carole Little, Liz Lange and Sideout. The company picked up Liz Lange in September 2012.
In May, Quicksilver announced that is planned to divest non-core businesses in order to focus on its flagship brands: Quicksilver, Roxy and DC. Quicksilver, in October, agreed to sell snowboard making company Mervin Manufacturing Inc. to Extreme Holdings Inc.
In connection with the deal, Cherokee entered into a credit agreement with JPMorgan Chase Bank.
Financo acted as Cherokee Inc.’s financial adviser.
The transaction follows several other consumer goods and retail deals, including NYDJ Apparel LLC’s sale to Crestview Partners and Maybrook Capital Partners, and Swander Pace Capital’s investment in baby goods company Aden + Anais.
For more, see “Boutique Appeal.”