Cache completes acquisition of Adrienne Victoria Designs
04 Jul '07
2 min read
Cache Inc announced the successful completion of its acquisition of Adrienne Victoria Designs Inc (AVD), a privately held, design, sourcing and manufacturing company, and Cache's largest supplier.
The transaction is valued at $16.0 million, including $3.5 million payable at closing with the remainder to be paid out through 2011, assuming certain performance levels are achieved. The Company funded the asset-based acquisition with cash on hand.
“The acquisition of Adrienne Victoria Designs allows us to advance our strategy of becoming a vertically integrated retailer, while enabling us to benefit from the tremendous design strength of their highly talented team,” stated Brian Woolf, Cache's Chairman and Chief Executive Officer.
“Importantly, we know the company well having worked with Adrienne, Robert and the team for over 15 years, and due to the consistently strong performance of their designs, AVD's business has grown with us each year. I am very excited to conclude this acquisition and believe we are well positioned to take the Cache brand to its next level of growth.”
Based in New York, Adrienne Victoria Designs is a design, sourcing and manufacturing company. Adrienne and Robert Kantor, the Company's founders, join Cache with Adrienne assuming the title of Executive Vice President - Design and Merchandising. Robert will assume the title of Executive Vice President – Manufacturing and Product Development.
Financo acted as exclusive financial advisor to Cache and Marketing Management Group acted as exclusive financial advisor to Adrienne Victoria Designs on this acquisition.
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