Genesco Inc. announced that the company has completed the sale of its Lids Sports Group to FanzzLids Holdings for $101 million.
The purchase price is still subject to working capital and other adjustments and does not include a tax benefit estimated at $30 million.
FanzzLids Holdings is a holding company controlled and operated by affiliates of Ames Watson, LLC. The announcement follows the December 14, 2018 news release in which Genesco announced it had entered into a definitive agreement for the sale of this business. Fanatics Inc. will make a minority investment in FanzzLids Holdings in connection with entering into a commercial arrangement with that holding company and is expected to help manage online operations and offer support with its vertical-manufacturing capabilities.
Ames Watson Capital LLC, a Bethesda, MD-based private-equity firm, In February 2018 acquired the Fanzz fan apparel chain. At the time of Ames Watson Capital’s February acquisition, Fanzz, based in Salt Lake City, had 120 stores under the Fanzz and Just Sports nameplates in 22 states. Ames Watson Capital will be taking on approximately 1,100 more locations with its acquisition of Lids.
Genesco Inc., a Nashville-based specialty retailer, sells footwear and accessories in more than 1,500 retail stores throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy and Johnston & Murphy.