Lids Sold in $100M Deal
The Tennessee-based parent company of Lids Sports Group has found a buyer for the Zionsville-based headwear and team athletics retailer. Genesco Inc.'s (NYSE: GCO) $100 million deal involves Ames Watson Capital LLC in Maryland, which owns Utah-based sports apparel retailer Fanzz Gear Inc.
Genesco entered into the definitive agreement with FanzzLids Holdings, which is a holding company operated by Ames Watson Capital affiliates. Sports licensing and ecommerce company Fanatics Inc. will make a minority investment in FanzzLids Holdings and enter into a commercial agreement with the company.
Genesco Chief Executive Officer Robert Dennis says, under new ownership, "the very talented team at Lids will continue to have the opportunity to realize the potential in this business." He says the deal will allow Genesco to devote its full attention to its footwear business. The company expects the deal to close by the end of its current fiscal year.