Private equity-owned Hot Topic Inc. is buying another pop-culture themed retailer. Geeknet Inc., the parent company of online store ThinkGeek, agreed to a $122 million deal giving Hot Topic - a shopping mall staple - a larger presence online.
The price tag of the deal includes $37 million of cash and cash equivalents. Hot Topic has been backed by Sycamore Partners since 2013. The New York private equity firm, with more than $1 billion in capital under management, has also invested in Talbots Inc., Mast Global Fashions and Pathlight Capital.