US: Iconix Brand Group completes Umbro acquisition
Iconix said with this deal, the company's brands will generate approximately $13bn in retail sales globally, with over $2.5bn attributable to its athletic brands.
Neil Cole, chairman and CEO of Iconix Brand Group, said: "Acquisitions remain a key focus for our company and with our new securitisation in place we believe we have significant financial flexibility and are well positioned to continue to grow our business and execute on our acquisition strategy."
Nike revealed plans to divest its Umbro and Cole Haan divisions at the end of May, to focus on growing the Nike, Jordan, Converse and Hurley brands. The Cole Haan footwear brand has since been sold to private equity firm Apax Partners for $570m.
NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Iconix Brand Group, Inc. ("Iconix" or the "Company"), today announced that it has completed the acquisition of the Umbro brand and related intellectual property assets from NIKE, Inc. for $225 million in cash.
Founded in 1924, Umbro is the original global football (soccer) brand. Today, the brand combines its British heritage with a modern football lifestyle to create iconic sports apparel and footwear.
The purchase price was funded with the Company's recently announced $600 million securitized financing facility.
"We are thrilled to be adding Umbro to our portfolio of iconic brands" said Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. "In addition, we believe our ability to secure financing at an attractive price highlights the strength of our brands and our business model. Acquisitions remain a key focus for our Company and with our new securitization in place we believe we have significant financial flexibility and are well positioned to continue to grow our business and execute on our acquisition strategy."
Iconix owns 29 consumer brands in the fashion, athletic, electronic, home and entertainment industries. With this acquisition, the Company's brands will generate approximately $13 billion in retail sales globally, with over $2.5 billion attributable to the Company's portfolio of athletic brands.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including: CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO (R), LONDON FOG (R), OCEAN PACIFIC (R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK(R), ED HARDY (R), SHARPER IMAGE (R) and UMBRO (R). In addition, Iconix owns interests in the ARTFUL DODGER (R), ECKO (R), MARC ECKO (R), MATERIAL GIRL (R), PEANUTS (R) and TRUTH OR DARE (R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and worldwide. Through its in-house business development, merchandising, advertising and public relations departments Iconix manages its brands to drive greater consumer awareness and equity.
Original source: http://www.prnewswire.com/news-releases/iconix-brand-group-completes-acquisition-of-umbro-181789641.html
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