MILWAUKEE, June 07, 2021 (GLOBE NEWSWIRE) -- Weyco Group, Inc. (NASDAQ: WEYS) (the “Company”) today announced that it acquired substantially all of the operating assets and certain liabilities of Forsake, Inc. (“Forsake”), a distributor of outdoor footwear. The principal assets acquired were inventory, accounts receivable, and intellectual property, including the Forsake brand name. The aggregate purchase price was approximately $2.5 million, plus contingent payments paid annually over a period of five years, depending on Forsake achieving certain performance measures. At the acquisition date, the Company’s preliminary estimate of the discounted fair value of the contingent payments is approximately $1.75 million in total. The transaction was funded with the Company’s available cash.
Weyco Acquires Forsake Brand
Jun 07, 2021
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