Casual Male Buys Competitor

CANTON, MA-With completion of the acquisition of Alpharetta, GA-based Rochester Big & Tall Clothing, Casual Male Retail Group solidifies its position as the leader in the growing big-and-tall segment of men’s apparel and also strengthens its posture in the upper-end, brand name arena of that market. The purchase price is between $20 million and $24 million and includes $15 million in cash, the assumption of $5 million in debt, and the potential for an additional $4 million over the next three years, subject to an earn-out provision.

Bob Sockolov, Rochester’s president and CEO, joins CMRG’s board of directors, and the Rochester name will remain in place. “We see an incredible synergy between the Rochester and Casual Male brands and the opportunity to leverage the brands,” said David Levin, president and CEO of CRMG, which is based here.

“Rochester is the premier bit and toll operator . . . ,” CRMG chairman Seymour Holtzman said in a statement when it announced its intention to acquire the company. “By capitalizing on the significant synergies in merchandising, marketing and direct to consumer business, we expect there to be significant expansion opportunities for Rochester in the US an international markets,” he added.