Nashville, Tenn.-based apparel retailer Genesco Inc. said Jan. 2 that it has completed its purchase of the U.S. assets of New York-based Togast LLC.
Genesco disclosed its acquisition of Togast's assets Dec. 18, 2019. At the time, Genesco Brands LLC, Genesco's shoe store subsidiary, agreed to buy all the assets of Togast LLC, Togast Direct LLC, TGB Design LLC and Quanzhou TGB Footwear Co. Ltd. for $67.7 million.
Under the deal, the company agreed to pay Togast $33.7 million in cash at closing and up to an additional $34 million in cash based on the performance of Togast over multiyear periods. Togast was a distributor for Levi's footwear in the U.S. prior to the acquisition.
Pursuant to the deal, Genesco entered into a new licensing agreement for Levi's footwear products in the U.S. and renewed and extended its men's Dockers footwear license.
The deal also expanded Genesco's portfolio to include footwear licenses for G.H. Bass & Co., ADIO and FUBU and more.
Genesco funded the purchase of Togast through cash on hand.
PJ Solomon LP was financial adviser to Genesco Inc., while Bass Berry & Sims PLC acted as its legal adviser. MMG Advisors Inc. was financial adviser to Togast, while James Kim of Cole Schotz PC was the company's legal adviser.