Guess?, Inc. (GES) and the international brand management firm, WHP Global, announced on Wednesday that they have finalized the announced acquisition of the New York-based fashion brand, rag & bone.
Under the terms of the acquisition deal, Guess? has invested $57.1 million towards the purchase of rag & bone. This includes additional contributions from WHP Global. Consequently, Guess? now has complete ownership of all rag & bone's operational assets. Moreover, Guess? and WHP Global collectively own rag & bone's intellectual property.
In conjunction with the acquisition's completion, Guess? has made an agreement with the lenders of its current $150 million asset-based revolving credit line. As per the agreement, the borrowing capacity under this facility is raised by $50 million, bringing the total to $200 million.
