Galaxy will serve as a stalking horse bidder to explore higher bids for the active segment as part of Sequential Brands’ bankruptcy filing. ![]() JJWHP LLC is an affiliate of WH Buyer LLC and is also the and buyer of the company's William Rast brand.Īccording to court filings, the aggregate price of the JJWHP agreements is $48.5 million.įinally, the company will sell its 62.5% interest in its brand bearing Jessica Simpson's name, which includes footwear, apparel and household products, to With You Inc., which is owned by Simpson and already owns a 37.5% interest in the brand, for $65 million. CohnReznick LLP agreed to pay 1.9 million and limit its acceptance of new audit clients to settle SEC charges that the firm didn’t properly respond to accounting red flags from two clientsfashion company Sequential Brands Group Inc. Sequential Brands has agreed to sell its active division brands, including Gaiam, Avia and And1, to Galaxy Universal for 333 million. According to the court filings, Centric assigned all of its rights under the purchase agreement to JJWHP LLC. The second agreement was with Centric Brands LP for the purchase of Joe's Jeans and Caribbean Joe brands. 1 and a former partial owner and manager of the firm from which the company acquired the active division assets hold a minority interest in Galaxy. Sequential Brands Group has an agreement to sell its And1, Avia, Gaiam and SPRI activewear brands to Galaxy Universal, a portfolio owned by private equity firm Gainline Capital Partners, for. A former division president of the company who left the company Jan. ![]() The first agreement was with Gainline Galaxy Holdings for the company's active division assets for total consideration of $333 million, comprising $55.5 million in cash, the issuance to holders of the company's term loan B an amount equal to 11.3% of the buyers' outstanding series A and series B units valued at $50 million, and $227.5 million of debt in the buyer, plus the assumption of certain liabilities.Ī unit of Gainline, Galaxy Universal manages the division pursuant to a management agreement. 3 approved four transactions for the sale of the company's assets for an aggregate purchase price of $446.5 million, plus the assumption of certain liabilities, according to orders filed in the case.Īpproval of the sales was expected. Sequential is getting a lot of phone calls about its brands, a source said, but no deals have been struck yet. The bankruptcy court overseeing the Chapter 11 proceedings of Sequential Brands Group Inc. Sequential Brands Group Inc own, manage and license a portfolio of consumer brands in the home, active and fashion categories.
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