Apparel Holdings Group has been bought by Hilco Consumer Capital and will now be renamed as CJ Apparel Group.

The acquisition of New York City-based Apparel Holdings also includes AHG Licensing, a subsidiary that owns and manages brand licensing agreements in both apparel and non-apparel categories.

According to James Salter, Hilco's CEO, there is "significant additional value" in CJ Apparel and its brands.

Jeffrey Levy has been appointed president and CEO of CJ Apparel. He has more than 30 years of management experience in the apparel industry with firms including Jones Apparel Group and Kellwood.

A number of Hilco's senior management including Salter will work with Levy and CJ Apparel's leadership. Salter was founder and CEO of Ride Snowboards, Gen-X Sports, GSI Sports and FGL Wholesale.

Currently, Salter is also co-chairman of Collective Licensing International, a brand development and licensing company that now owns many of the brand names he founded.

CJ Apparel designs, makes, markets and distributes women's, men's and children's apparel under the Caribbean Joe, Periscope, and Cupid's Cup trademarks, as well as other private labels.

Financial terms of the deal were not disclosed.