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Galaxy Universal to Buy And1, Avia, Gaiam and SPRI From Sequential – Footwear News

8 months ago
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Sequential’s energetic manufacturers have discovered a brand new proprietor.

Galaxy Common, LLC introduced Friday that it’s going to purchase Sequential’s energetic model portfolio, which incorporates the And1, Avia, Gaiam and SPRI manufacturers. The deal, which is valued at near $330 million, is predicted to shut by mid-November and is topic to courtroom approval.

Galaxy was initially poised because the stalking horse bidder for the manufacturers after it bid $333 million in August.

The New York-based Galaxy markets, designs, sells, sources and manufactures athletic and work footwear in over 40,000 shops. The corporate additionally owns Hello-Tec, Interceptor, Magnum, Tony Hawk and is a licensee of the Justice, London Fog, And1 and Avia manufacturers. Galaxy is a portfolio firm of Gainline Capital Companions, a personal fairness agency. World funding agency KRR, which led debt financing for the deal, will function a co-investor.

Associated

“On this ever-changing market, we’re strategically positioned to ship on the shoppers’ always evolving expectations,” stated Galaxy CEO Eddie Esses. “Galaxy is ready to present nice manufacturers, distinctive designs and upgraded high quality at distinctive values.”

Sequential Manufacturers Group, Inc., which additionally owns the the Jessica Simpson and Joe’s Denims manufacturers, filed for Chapter 11 chapter safety in August. The corporate stated that “important debt on its company stability sheet” made it now not in a position to function its portfolio.

“The wealthy heritage of those manufacturers mixed with the fervour, expertise and unequalled observe document of Mr. Esses and his workforce distinguishes this funding,” stated Allan Weinstein, managing associate of Gainline. “We’re thrilled to assist this workforce and advance the Galaxy partnership as the corporate expands and future acquisition alternatives current themselves.”

In keeping with monetary paperwork, Sequential had an impressive web debt of $452.3 million as of December 31, 2020. To pay again lenders, the corporate bought a few of its manufacturers this 12 months. Sequential bought the Ellen Tracy and Caribbean Joe Island Provide Co. manufacturers to the GMA Group for a complete of $20 million in August. It additionally bought its Heeling Sports activities model BBC Worldwide for $11 million in April.

Jessica Simpson instructed FN final month she and her mom have been closing in a deal to purchase again the remaining 62.5% of her model. In 2015, Sequential acquired a majority stake within the label, with the Camuto Group persevering with to supply the gathering’s footwear. Jessica and Tina presently personal 37.5% of the model.



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