FOR IMMEDIATE RELEASE: 8/17/2018
Tip Top Tux, LLC
Attn: Keith Ladsten, CEO
500 Floyd Blvd.
Sioux City, IA 51101
Tip Top Tux Acquires Memphis-based Suit-Up, Xedo Inc
$27 Million Transfer of Assets to Strengthen Market Presence
Sioux City, IA: Tip Top Tux, headquartered in Sioux City, IA is delighted to announce the completed purchase of Memphis, Tennessee based, Suit-Up Inc. and Xedo Inc. This acquisition will build upon our existing successes and cement the company’s strategy of combining retail store fronts with an on-line model, allowing consumers more choice and flexibility than ever before.
Suit-Up and Xedo Inc, were established in 2015 by ACS Clothing Group, Europe’s largest provider of men’s formalwear. The companies entered the US market strongly, constructing a 240,000 square foot state-of-the-art processing center in Memphis Tennessee.
The Suit-Up and Xedo purchase, which transfers more than $27M in assets to Tip Top Tux, Inc., is backed by London based Boost and Company. Keith Ladsten, Tip Top Tux CEO, comments “We could not be more excited about the future of the business! Having control of our production facility along with the store experience and the addition of on-line options will allow for an entirely fresh approach for our stores. We are committed to developing a solid multi-channel solution to revolutionize the way consumers rent or purchase their wedding attire now and in the future.”
With the recent announcement Tip Top Tux has planned additions of the Suit-Up brand to the Memphis, TN and Colorado markets. The company will create a showroom model in these markets to better cater to the needs of the consumer, allowing customers to choose when they’d like to interact within the brick and mortar or online. President, Bethann Froistad commented, “The Suit-Up model will allow for a more personalized show room experience for our all-important consumers while allowing the convenience of home delivery.”
With one of the most talented leadership teams in the country, the future is bright for Tip Top Tux. Tip Top Tux operates 70 current locations under the parent brand along with Al’s Formal Wear in the South, and bridal division, Dream Dress Express. The company will continue to acquire market share through acquisitions and organic growth to fully utilize the Memphis Distribution Center and expand to a national footprint.