Kirkland & Ellis advised fashion apparel retailer Express, Inc. (NYSE: EXPR) (EXPR) on its agreement with global brand management firm, WHP Global, 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 earlier this year.
WHP Global will acquire the Bonobos brand and EXPR will acquire the operating assets and assume the related liabilities of the Bonobos business. Concurrent with the closing of the transaction, WHP Global and EXPR 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 Kirkland team was led by corporate partners Rachael Coffey, Eric Schiele, Bob Hayward and Martha Todd and technology & IP transactions partners Aaron Lorber and Bernadette Coppola.