Apparel business People’s Liberation is to change its name and business model after raising up to US$14.5m in funding from private equity group Tengram Capital Partners.

The proceeds from the sale of convertible debentures, preferred stock and warrants will be used to acquire brands and help the transition of the business, now called Sequential Brands Group.

Sequential aims to license its two brands, William Rast and People’s Liberation, in a variety of categories to retailers, wholesalers and distributors in the US and selected markets overseas.

“Our new corporate name, Sequential Brands Group, symbolises our primary goal of owning a sequence of strong, well diversified brands across multiple consumer segments including apparel, home furnishing, sporting goods, electronics, packaged goods, food and beverage,” said company CEO Colin Dyne.

Dyne said the business model was one honed by William Sweedler, formerly at Iconix Brand Group and the new chairman of Sequential, as well as being co-founder and managing partner of Tengram.

Sweedler will be joined on the board by Matthew Eby, co-founder and managing partner of Tengram, and Richard Gersten, a partner at the private equity group.

Tengram has bought $3m in debentures so far, and has agreed to purchase at least another $11m over the next few weeks.