The purchase price for the transaction will be $30.5 million in cash and $7 million in Iconix stock. The cash portion of the acquisition will be primarily funded through an increase of the Company's asset backed note, which is secured by certain of the Company's intellectual property.
With the addition of London Fog, and including the acquisition of the Mossimo brand, which the Company anticipates will close in September, Iconix will own eight highly recognized and diverse consumer brands.
Herman Kay Bromley is one of the largest coat companies in the United States and has been in business and family run for over seventy years.
Herman Kay Bromley manufacturers and sells coats and outerwear under the labels Michael Kors, Anne Klein, JLO and Jones New York, among others, and is based in New York City and run by Barry and Richard Kay.
Iconix Brand Group Inc owns, licenses and markets a growing portfolio of consumer brands including CANDIE'S, BONGO, BADGLEY MISCHKA, JOE BOXER RAMPAGE and MUDD.
The Company has also signed a definitive agreement to purchase the brand MOSSIMO which is anticipated to close in September of this year.
The Company licenses it 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.
Iconix, through its in-house advertising agency, advertises and markets its brands to continually drive greater consumer awareness and loyalty.
marketing@alchempro.com
