Cleary Gull Inc. advises Weyco Group, Inc. in its acquisition of The Combs Company
Milwaukee, Wisconsin, March 3, 2011 – Cleary Gull Inc. (“Cleary Gull”) is pleased to announce that Weyco Group, Inc. has acquired The Combs Company (“Bogs”), the owner of the BOGS and Rafters footwear brands. Cleary Gull acted as exclusive financial advisor to Weyco Group in this transaction.
The purchase price was $29.4 million in cash at closing, plus assumed debt of approximately $3.5 million and contingent payments after two and five years, which are dependent on Bogs achieving certain performance measures. The transaction was funded with available cash and borrowings under the Company’s revolving line of credit.
Weyco Group, Inc. (www.weycogroup.com), (Nasdaq: WEYS) designs and markets moderately priced and better-grade men’s branded footwear. The principal brands of shoes sold by the Company are Florsheim, Nunn Bush, Stacy Adams and Umi. The Company’s products are sold to shoe specialty stores, department stores and clothing retailers. Weyco Group, Inc. operates wholesale and retail businesses in the United States, Canada, Europe, Australia, South Africa and the Far East.