Iconix Brand Group, Inc. Closes Acquisition of 51% Controlling Interest in Ecko Brands
November 02 2009 - 4:00PM
PR Newswire (US)
NEW YORK, Nov. 2 /PRNewswire-FirstCall/ -- Iconix Brand Group, Inc.
(NASDAQ:ICON) ("Iconix" or the "Company"), today announced that it
has completed the acquisition of a 51% controlling interest in the
Ecko portfolio of brands through a newly formed joint venture
company, IP Holdings Unltd LLC. The Ecko portfolio includes Ecko
Unlimited, Marc Ecko, the Rhino logo, and Zoo York, which in the
aggregate represent over $1 billion of annual global retail sales.
For this acquisition, Iconix paid $63.5 million in cash, and the
joint venture obtained $90 million of financing. Iconix's effective
purchase price for it's 51% interest in the joint venture was
approximately $109 million. Iconix Brand Group Inc. (NASDAQ:ICON)
owns, licenses and markets a growing portfolio of consumer brands
including CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER
(R) RAMPAGE (R) MUDD (R), LONDON FOG (R), MOSSIMO (R) OCEAN PACIFIC
(R), DANSKIN (R) ROCA WEAR(R), CANNON (R), ROYAL VELVET (R),
FIELDCREST (R), CHARISMA (R), STARTER (R) and WAVERLY (R). In
addition, Iconix owns an interest in the ARTFUL DODGER (R) and ED
HARDY (R) brands. The Company licenses its brands to a network of
leading retailers and manufacturers that touch every major segment
of retail distribution from the luxury market to the mass market in
both the U.S. and around the world. Iconix, through its in-house
advertising, promotion and public relations agency, markets its
brands to continually drive greater consumer awareness and equity.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995. The statements that are not historical facts
contained in this press release are forward looking statements that
involve a number of known and unknown risks, uncertainties and
other factors, all of which are difficult or impossible to predict
and many of which are beyond the control of the Company, which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such forward
looking statements. Such factors include, but are not limited to,
uncertainty regarding the results of the Company's acquisition of
additional licenses, continued market acceptance of current
products and the ability to successfully develop and market new
products particularly in light of rapidly changing fashion trends,
the impact of supply and manufacturing constraints or difficulties
relating to the Company's licensees' dependence on foreign
manufacturers and suppliers, uncertainties relating to customer
plans and commitments, the ability of licensees to successfully
market and sell branded products, competition, uncertainties
relating to economic conditions in the markets in which the Company
operates, the ability to hire and retain key personnel, the ability
to obtain capital if required, the risks of litigation and
regulatory proceedings, the risks of uncertainty of trademark
protection, the uncertainty of marketing and licensing acquired
trademarks and other risks detailed in the Company's SEC filings,
including the prospectus supplement relating to the offering. The
words "believe," "anticipate," "expect," "confident," "will,"
"project," "provide," "guidance" and similar expressions identify
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward looking statements, which speak
only as of the date the statement was made. All forward-looking
statements are qualified by these cautionary statements and apply
only as of the date they are made. The Company undertakes no
obligation to update any forward-looking statement, whether as a
result of new information, future events or otherwise. Contact
Information: Jaime Sheinheit Investor Relations Iconix Brand Group
212.730.0030 DATASOURCE: Iconix Brand Group, Inc. CONTACT: Jaime
Sheinheit, Investor Relations, Iconix Brand Group, +1-212-730-0030
Web Site: http://iconixbrand.com/
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