Transaction Information
Cherokee Inc., a global marketer and manager of a portfolio of fashion and lifestyle brands, has completed an underwritten public offering of 3,685,000 shares of its common stock, as well as the sale of 552,750 additional shares pursuant to the full exercise of the over-allotment option granted to the underwriters. The shares were sold at a price of $9.50 per share, 
resulting in the gross proceeds for Cherokee Inc. of approximately $40.3 million.Â
The Company expects to use the net proceeds from the offering to fund a portion of its acquisition of Hi-Tec Sports International Holdings B.V., a global footwear company based in the Netherlands, for approximately $95.8 million.
ROTH Capital Partners acted as sole manager for the offering.
About Cherokee Inc.
Cherokee is a global brand marketing platform that manages a growing portfolio of fashion and lifestyle brands including Cherokee®, Carole Little®, Tony Hawk® Signature Apparel and Hawk Brands®, Liz Lange®, Everyday California®, Sideout®, and Flip Flop Shops®, a leading franchise retail chain, across multiple consumer product categories and retail tiers around the world. The Company currently maintains license and franchise agreements with leading retailers and manufacturers that span over 50 countries in 9,000 retail locations. Its retail, franchise and e-commerce platform partnerships include: Target Stores (U.S.), Kohl’s (U.S.), Sears Canada (Canada), Walmart (Canada), Argos & Sports Direct (UK and Ireland), Flip Flop Shops® (US, Canada, Caribbean, Middle East and South Africa), RT-Mart (Peoples Republic of China), Pick ‘n Pay (South Africa), Falabella (Chile, Peru and Colombia), Arvind Mills (India), Shufersal LTD. (Israel), Comercial Mexicana (Mexico), Nishimatsuya (Japan), Landmark Group’s Max Stores (certain Middle East and North Africa countries), Reliance Trends Stores (India), Ahold (Czech Republic) and the TJX Companies (U.S., Canada and Europe). For more information, please visit: www.cherokeeglobalbrands.com (Source: Company Press Release | 11/29/16)
About Hi-Tec Sports International Holdings B.V.
Hi-Tec Sports is a global leader in Sports, Outdoor, Work & Tactical footwear with distribution in over 80 countries with subsidiary companies in the UK, Canada, USA, South Africa, France, Germany and the Benelux. Hi-Tec Sports manages and operates brands like Hi-Tec®, Magnum®, Interceptor® and 50Peaks®. The company holds its headquarters in Amsterdam, employing over 250 people globally and representing global wholesale sales of approximately $288 million. The brands hold strong positions in the USA, Western & Eastern Europe, the Middle East, Asia, Latin & South America. Its retail and e-commerce partnerships include a.o. Nordstrom, KOHL’s, Marathon sports, Academy, Big 5 Sporting Goods, Walmart (USA), CTC (CA), Amazon.com (US and EU), Cotswold, Millets, GO Outdoors, Blacks (UK), Sports2000, Bever Outdoor (NL), Deichmann, (GE), Martes Sports (PL), Cape Union Mart (SA), Primer Group (PH), Swire Group (HK), World of Sports (SG), Tmall.com, Suning.com, JD.com (CH), Sports Alpen (JP), Dexter (ARG), Falabella (Chile/Peru), Ripley (Peru), PennyLane (CR), MacPac (AUS) and Rebel (NZ). Institutional business around the world includes police, military, EMS, fire, security, workwear and governmental contracts predominately under the Magnum Brand. For more information, please visit: www.hi-tec.com (Source: Company Press Release | 11/29/16)
About ROTH Capital Partners
ROTH Capital Partners, LLC (ROTH), is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, CA, ROTH is privately-held and employee owned, and maintains offices throughout the U.S. For more information on ROTH, please visit: www.roth.com.
