Iconix Seals Deal With Umbro
Home Textiles Today Staff -- Home Textiles Today, 12/17/2012 2:00:00 AM
NEW YORK - Iconix Brand Group Inc. has officially completed its acquisition of the Umbro brand, as well as related intellectual property assets from Nike Inc., for $225 million in cash.
The purchase price was funded with the Iconix'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, Iconix. "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."
Founded in 1924, Umbro is the original global football (soccer) brand, and today it combines its British heritage with a modern football lifestyle to create iconic sports apparel and footwear.
Cole noted that Iconix owns 29 consumer brands in the fashion, athletic, electronic, 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," he summed.
Iconix's brand portfolio includes Cannon, Royal Velvet, Fieldcrest and Charisma.
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