The Technology M&A team advised WHP Global in its joint agreement with Express, Inc. (NYSE: EXPR) to acquire menswear brand Bonobos, Inc. from Walmart Inc. This is the first acquisition to be made jointly by WHP Global and EXPR since finalizing their strategic partnership this year.
WHP Global will acquire the Bonobos brand for a purchase price of $50 million. EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business for a purchase price of $25 million. Concurrently with the closing of the transaction, EXPR and WHP Global will enter into an exclusive long-term license agreement with multiple renewal options granting EXPR the right to use the intellectual property acquired by WHP Global for the operation of the Bonobos business in the U.S. in exchange for EXPR’s payment of a royalty fee to WHP Global. The transaction is expected to close in EXPR’s second fiscal quarter of 2023, subject to customary closing conditions.
Bonobos, founded in 2007 and acquired by Walmart in 2017, distinguished itself in the menswear category based on product fit, customer experience and the innovative Guideshop retail model, and the business has delivered strong, consistent growth.
WHP Global is a leading New York based firm that acquires global consumer brands and invests in high-growth distribution channels including digital commerce platforms and global expansion. WHP owns ANNE KLEIN®, JOSEPH ABBOUD®, JOE'S JEANS®, WILLIAM RAST®, ISAAC MIZRAHI®, LOTTO®, TOYS"R"US®, BABIES"R"US®, and a 60% interest in the EXPRESS® brand. Collectively the brands generate over $6.5 billion in global retail sales.
EXPR is a fashion retail company whose business includes an omnichannel operating platform, physical and online stores, and a multi-brand portfolio that includes Express and UpWest. The Express brand launched in 1980 with the idea that style, quality and value should all be found in one place.
The Goodwin team was led by Josh Zachariah and Kirkie Maswoswe and included Mike Gomez, Alice Thai, Nicole Nazarian, Trey O'Callaghan (Tech M&A), Steve Charkoudian, Jessica Rothstein, Rob Carroll, David Scott, Katharine Cummings (Intellectual Property), Janet Andolina, Kyle Pine, Leon Peschel (Tax), Andrew Lacy, Simone Waterbury, Boris Segalis, Jonathan Louis Newmark, Joshua Fattal (Data Privacy), Edward Holzwanger.
For additional details on the acquisition, please read the press release.