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KKR Takes Stake in Brand-Management Company Galaxy Universal
KKR Takes Stake in Brand-Management Company Galaxy Universal
By Dave Sebastian
KKR & Co. is taking a stake in brand manager Galaxy Universal LLC, which is buying active-division brands from bankrupt licensing business Sequential Brands Group Inc. for about $330 million, the companies said.
The deal adds the brands And1, Avia, Gaiam and SPRI to the portfolio of Galaxy, which is owned by private-equity firm Gainline Capital Partners. Sequential Brands, a New York-based company that owns and licenses consumer brands, filed for bankruptcy in August and moved to sell assets, as a big debt load and the Covid-19 pandemic made business difficult.
KKR led the debt financing of Galaxy's acquisition of the brands and is making the investment in Galaxy through certain private credit managed accounts, the companies said.
Sequential Brands has canceled the auction of its assets and identified successful bidders, including Galaxy, according to a court filing Thursday. The purchase price for the active-division assets includes $55 million in cash, the issuance of debt of Galaxy of $227.5 million and the assumption of certain liabilities, the filing said.
The purchase price also includes issuance to Sequential Brands' term B lenders of Series A units of Galaxy equal to 11.3% of outstanding Series A and B units, valued at $50 million. KKR and Apollo Global Management Inc. have in a past filing been identified as term B lenders to Sequential Brands. That means KKR and Apollo will own about 11% in Galaxy after the deal, with KKR owning most of the stake, according to a person familiar with the matter.
Pop artist Jessica Simpson and her family struck a deal to buy a 62.5% stake of her namesake fashion line that they don't currently own for $65 million in cash from Sequential Brands, according to the filing.
Sequential Brands also struck a deal with Centric Brands LLC for the Joe's Jeans line, according to the filing. The purchase price includes a cash portion of $48.5 million and the assumption of certain liabilities, the filing said.
Galaxy this spring completed its acquisition of brand-management firm Apex Global Brands, which includes Hi-Tec, Magnum and Tony Hawk.
The companies expect the deal to close by mid-November. A bankruptcy court must approve the sales.
Houlihan Lokey Inc. was Galaxy's financial adviser, and Willkie Farr & Gallagher LLP was its legal adviser. Credit Suisse Securities (USA) LLC was Gainline Capital Partners' placement agent. Province was KKR's financial adviser, and King & Spalding LLP was its legal adviser. Stifel Financial Corp. and its affiliate Miller Buckfire were Sequential Brands' financial advisors, and Gibson, Dunn & Crutcher LLP was its legal adviser.
--Becky Yerak contributed to this article.
Write to Dave Sebastian at dave.sebastian@wsj.com
By Dave Sebastian
戴夫·塞巴斯蒂安(Dave Sebastian)
KKR & Co. is taking a stake in brand manager Galaxy Universal LLC, which is buying active-division brands from bankrupt licensing business Sequential Brands Group Inc. for about $330 million, the companies said.
两家公司说,KKR&Co.将入股品牌管理公司Galaxy Universal LLC,后者将以约3.3亿美元的价格从破产的许可业务Sequential Brands Group Inc.手中收购活跃部门品牌。
The deal adds the brands And1, Avia, Gaiam and SPRI to the portfolio of Galaxy, which is owned by private-equity firm Gainline Capital Partners. Sequential Brands, a New York-based company that owns and licenses consumer brands, filed for bankruptcy in August and moved to sell assets, as a big debt load and the Covid-19 pandemic made business difficult.
这笔交易将And1、Avia、Gaiam和SPRI等品牌加入了银河资本(Galaxy)的投资组合,银河资本由私募股权公司Gain Line Capital Partners所有。总部位于纽约的顺序品牌拥有和授权消费品牌,由于沉重的债务负担和新冠肺炎疫情使业务变得困难,该公司于8月份申请破产,并开始出售资产。
KKR led the debt financing of Galaxy's acquisition of the brands and is making the investment in Galaxy through certain private credit managed accounts, the companies said.
两家公司表示,KKR牵头为银河娱乐收购这些品牌进行债务融资,并通过某些私人信贷管理账户对银河娱乐进行投资。
Sequential Brands has canceled the auction of its assets and identified successful bidders, including Galaxy, according to a court filing Thursday. The purchase price for the active-division assets includes $55 million in cash, the issuance of debt of Galaxy of $227.5 million and the assumption of certain liabilities, the filing said.
根据周四的一份法庭文件,Sequence Brands已经取消了其资产的拍卖,并确定了包括Galaxy在内的中标者。文件称,活跃部门资产的收购价格包括5500万美元现金,发行2.275亿美元的银河娱乐债务,以及承担某些债务。
The purchase price also includes issuance to Sequential Brands' term B lenders of Series A units of Galaxy equal to 11.3% of outstanding Series A and B units, valued at $50 million. KKR and Apollo Global Management Inc. have in a past filing been identified as term B lenders to Sequential Brands. That means KKR and Apollo will own about 11% in Galaxy after the deal, with KKR owning most of the stake, according to a person familiar with the matter.
收购价格还包括向Sequential Brands的条款B贷款人发行银河娱乐(Galaxy)A系列产品,相当于A系列和B系列已发行产品的11.3%,价值5,000万美元。KKR和阿波罗全球管理公司(Apollo Global Management Inc.)在过去的一份文件中被确定为Sequential Brands的B期贷款人。据一位知情人士透露,这意味着交易完成后,KKR和阿波罗将拥有银河娱乐约11%的股份,KKR拥有大部分股权。
Pop artist Jessica Simpson and her family struck a deal to buy a 62.5% stake of her namesake fashion line that they don't currently own for $65 million in cash from Sequential Brands, according to the filing.
文件显示,流行歌手杰西卡·辛普森(Jessica Simpson)和她的家人达成协议,将以6500万美元现金从Sequential Brands手中收购她目前尚未拥有的同名时尚品牌62.5%的股份。
Sequential Brands also struck a deal with Centric Brands LLC for the Joe's Jeans line, according to the filing. The purchase price includes a cash portion of $48.5 million and the assumption of certain liabilities, the filing said.
根据备案文件,Sequence Brands还与Centrical Brands LLC就Joe‘s Jeans系列达成了一项协议。文件称,收购价格包括4850万美元的现金部分和承担某些债务。
Galaxy this spring completed its acquisition of brand-management firm Apex Global Brands, which includes Hi-Tec, Magnum and Tony Hawk.
银河娱乐今年春天完成了对品牌管理公司Apex Global Brands的收购,其中包括Hi-Tec、Magnum和Tony Hawk。
The companies expect the deal to close by mid-November. A bankruptcy court must approve the sales.
两家公司预计这笔交易将在11月中旬之前完成。破产法院必须批准这笔交易。
Houlihan Lokey Inc. was Galaxy's financial adviser, and Willkie Farr & Gallagher LLP was its legal adviser. Credit Suisse Securities (USA) LLC was Gainline Capital Partners' placement agent. Province was KKR's financial adviser, and King & Spalding LLP was its legal adviser. Stifel Financial Corp. and its affiliate Miller Buckfire were Sequential Brands' financial advisors, and Gibson, Dunn & Crutcher LLP was its legal adviser.
Houlihan Lokey Inc.是银河娱乐的财务顾问,Willkie Farr&Gallagher LLP是其法律顾问。瑞士信贷证券(美国)有限责任公司是Gain Line Capital Partners的配售代理。安省是KKR的财务顾问,King&Spalding LLP是其法律顾问。Stifel Financial Corp.及其附属公司Miller Buckfire是Sequential Brands的财务顾问,Gibson,Dunn&Crutcher LLP是其法律顾问。
--Becky Yerak contributed to this article.
贝基·耶拉克(Becky Yerak)对本文也有贡献。
Write to Dave Sebastian at dave.sebastian@wsj.com
写信给戴夫·塞巴斯蒂安(Dave Sebastian),电子邮件:dave.sebastian@wsj.com
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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