Global advisory, restructuring, and investment firm Gordon Brothers has sold Bench to one of the British streetwear brand’s primary European licensees, for all territories outside of the Americas.
In a statement today (16 April), Gordon Brothers said it has successfully sold Bench to Wraith, an affiliate of Apparel Brands Limited.
The firm, which acquired the Bench brand and all its related intellectual property assets in July 2018, said as the business developed it became apparent that Apparel Brands Limited was the “natural owner” of the brand and ideally positioned to continue its growth.
“Gordon Brothers is extremely proud to have played its part in saving one of the world’s first streetwear brands of scale,” said Ramez Toubassy, president of brands for Gordon Brothers. “By successfully bringing our asset-light business methodology to bear in this restructuring we were able to deliver a healthy business for Wraith to grow well into the future.”
Under the terms of the deal, which were not disclosed, Apparel Brands Limited will take over the reins of the Bench brand outside of the Americas.
Peter Wood, owner of Apparel Brands Limited, added: “With a vibrant portfolio of great partners throughout Europe and excellent awareness and customer affinity, we believe the potential for the brand is sky high.”