Classic apparel brand to become first designer name in portfolio
22 Dec '06
3 min read
Mr. Groveman and Mr. Vollbracht will continue to be involved in Bill Blass Limited, the Blass couture business.
NexCen will pay $54.6 million at closing through a combination of cash and the issuance of NexCen common stock. The stock component is 28% or $15.5 million of the initial purchase price. NexCen also agreed to an earn-out arrangement that will entitle the sellers to receive an additional amount of up to $16.2 of cash or stock for a potential total aggregate payment of $70.8 million including the consideration paid at closing.
NexCen Brands Inc is the premier 21st century brand acquisition and management company focused on assembling a diversified portfolio of intellectual property (IP) centric companies operating in the consumer branded products and franchise industries.
Bill Blass defines timeless American style. Founded by William Ralph Blass in the 1970's, Bill Blass from its inception offered women modern, sophisticated, tailored clothing. The company's reputation was built on elegant designs executed in the finest fabrics.
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