BofA Leads Financing of IP Company Acquisition by Sequential
Sequential Brands Group announced that it acquired the intellectual property management company that owns two consumer lifestyle brands, Ellen Tracy and Caribbean Joe. The purchase price of the transaction was comprised of $62.3 million in cash and approximately 2.8 million shares of common stock of Sequential.
Sequential said its financing efforts were led by Bank of America that provided a $45 million loan to the company and a separate group that provided an additional $20 million loan to the Company.
New York-based Sequential Brands Group owns, promotes, markets, and licenses a portfolio of consumer brands that presently include William Rast, People’s Liberation, DVS Action Sports, Heelys, Caribbean Joe and Ellen Tracy.