NexCen Brands Inc announced that is has completed its acquisition of the Waverly brand (Waverly) from F. Schumacher & Co. For nearly 85 years, Waverly has been one of the most recognized names in home furnishings. As part of the acquisition, NexCen acquired all of the intellectual property and license contracts related to the Waverly, Gramercy and Village brand products and services.
"We are thrilled to expand our growing business with the acquisition of Waverly," said Robert W. D'Loren, President and CEO of NexCen, adding, "We look forward to combining our expertise in marketing and operations with the talented team of home products designers and licensing professionals at Waverly to further grow the brand's leadership position. Additionally, there are exciting synergies between Waverly and NexCen's existing portfolio of brands."
As previously reported, NexCen paid $36.8 million in cash and issued a 10- year warrant to purchase 50,000 shares of common stock in connection with the acquisition. NexCen estimates that the Waverly brand will generate approximately $9 million of royalty revenue and approximately $.07 per share of incremental EPS in the first 12 months following the acquisition.
With this acquisition, NexCen adds Waverly to its growing family of brands, which include The Athlete's Foot, Bill Blass, MaggieMoo's and Marble Slab Creamery.
Waverly is a premier lifestyle brand and one of the most recognized names in home furnishings. Its signature look is expertly translated into countless classic styles among licensed home furnishings products, including fabrics, wallpapers, paint, bedding, window treatments, decorative accessories and other key products. Launched in 1923 by F. Schumacher & Co., the 118-year-old home furnishings concern, Waverly is available through retailers and interior design showrooms nationwide.
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. The Company owns, licenses, franchises and markets a growing portfolio of consumer and franchise brands including The Athlete's Foot, Bill Blass, MaggieMoo's, Marble Slab Creamer and Waverly.
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