Hilco Global and TPG Angelo Gordon have formed a new joint venture that will identify, acquire and finance consumer brands and IP in partnership with Bluestar Alliance._x000D_
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In connection with the launch, the joint venture has completed a series of inaugural transactions, including:_x000D_
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- An approximately $190 million investment in a securitization transaction established by BR Brand Management, a subsidiary of B. Riley Financial, financing certain brands managed, licensed and co-owned by Bluestar, including Hurley, Justice and Scotch & Soda, among others.
- A co-investment with Bluestar to acquire the international luxury streetwear brand, Off-White, from LVMH.
- The acquisition of the assets and IP of the bebe and Brookstone brands from bebe stores.
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The joint venture will seek to continue to acquire or finance additional consumer brands and IP, alongside Bluestar._x000D_
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“We’re thrilled that Hilco Global and TPG Angelo Gordon will be new partners in many of our brands,” Ralph Gindi, co-founder and chief operating officer of Bluestar, and Joseph Gabbay, co-founder and CEO of Bluestar, said. “TPG Angelo Gordon brings significant resources and expertise investing within the consumer sector, and Hilco has an impressive track record of successfully operating and investing in brands and other consumer assets globally. We are excited to partner with these blue-chip firms and leverage our combined expertise to identify and invest in future brand deal opportunities all over the world.”_x000D_
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“This partnership is an exciting opportunity for Hilco, allowing us to further build on our successful legacy in the consumer brand and licensing sectors,” Jeffrey Hecktman, founder and CEO of Hilco Global, said. “We look forward to leveraging our extensive network and strategic relationships across the consumer-retail sector as we work with TPG Angelo Gordon and Bluestar to execute on our strategy.”_x000D_
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“TPG Angelo Gordon has been investing in the consumer sector for many years, and we are excited to work with industry-leading partners to capitalize on attractive market opportunities in the sector,” Ryan Mollett, global head of credit solutions at TPG Angelo Gordon, and Jake Gladstone, co-head of research within TPG Angelo Gordon’s credit solutions business, said. “We believe combining Bluestar’s licensing and operating expertise, Hilco’s unique sourcing and asset capabilities, and TPG Angelo Gordon’s structuring and financial expertise creates a differentiated competitor, and we are eager to grow this platform.”_x000D_
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Weil, Gotshal & Manges is serving as legal counsel to Hilco Global, Milbank is serving as legal counsel to TPG Angelo Gordon and King & Spalding and Cooley are serving as legal counsel to Bluestar.
