Iconix Brand Group,Inc,announced that it has completed the acquisition of the Umbro brand and related intellectual property assets from NIKE,Inc.for$225 million in cash.
Founded in 1924,Umbro is the original global football(soccer)brand.Today,the brand combines its British heritage with a modern football lifestyle to create iconic sports apparel and footwear.
The purchase price was funded with the Company's recently announced$600 million securitized financing facility.
"We are thrilled to be adding Umbro to our portfolio of iconic brands,"said Neil Cole,Chairman and CEO of Iconix Brand Group,Inc.
"In addition,we believe our ability to secure financing at an attractive price highlights the strength of our brands and our business model.Acquisitions remain a key focus for our Company and with our new securitization in place we believe we have significant financial flexibility and are well positioned to continue to grow our business and execute on our acquisition strategy."
Iconix owns 29 consumer brands in the fashion,athletic,electronic,and home and entertainment industries.With this acquisition,the Company's brands will generate approximately$13 billion in retail sales globally,with over$2.5 billion attributable to the Company's portfolio of athletic brands.
Source:
http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=118615
