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.
Forsake will join BOGS in forming Weyco Group’s outdoor division, headquartered in Portland, Oregon. Specializing in modern outdoor footwear, Forsake serves a quickly growing segment of the market that isn’t directly served by an existing Weyco brand. Forsake’s hiking shoes and sneakerboots with all-weather protection, rugged construction and versatile styling have captured a segment of a growing number of outdoor enthusiasts that demand something other than traditional hiking boots. Forsake’s co-founders, Jake Anderson and Sam Barstow, have joined the Weyco team and will continue to lead the Forsake business going