Home / Knowledge / News / Apparel/Garments / Apparel retailer Vince Holding garners $177mn from IPO
Apparel retailer Vince Holding garners $177mn from IPO
30
Nov '13
Vince Holding Corp., previously known as Apparel Holding Corp., announced that it has closed its previously reported initial public offering of 10,000,000 shares of its common stock at a price of $20.00 per share.

In connection with the initial public offering, the underwriters exercised in full their option to purchase an additional 1,500,000 shares of common stock from affiliates of Sun Capital Partners, Inc. (the “Selling Stockholders”). As a result, the total initial public offering size was 11,500,000 shares.

Vince received proceeds, net of underwriters’ discount and commissions and estimated offering expenses payable by Vince, of approximately $177 million from the offering.

Vince retained approximately $5.0 million of such net proceeds for general corporate purposes and used the remaining net proceeds, together with net borrowings under its new term loan facility to repay a promissory note (the “Kellwood Note Receivable’) issued to Kellwood Company in connection with the restructuring which occurred immediately prior to the consummation of the initial public offering.

Proceeds from the repayment of the Kellwood Note Receivable were used, to repay or discharge certain existing debt of Kellwood Company. Vince did not receive any proceeds from the sale of shares by the Selling Stockholders.

Jill Granoff, Chief Executive Officer of Vince, said, “Our entire team looks forward to this new and exciting chapter in the brand’s evolution. We intend to continue to build upon Vince’s reputation as a leader in contemporary fashion by capitalizing on our strong customer loyalty, growing our customer base and introducing new and compelling product assortments and categories.”

Concurrently with the closing of the initial public offering, Vince entered into a $175 million term loan, net borrowings from which were used to repay the Kellwood Note Receivable, and a $50 million revolving credit facility.

Goldman, Sachs & Co. and Robert W. Baird & Co. Incorporated acted as joint book-running managers of the offering, and Goldman, Sachs & Co. and Robert W. Baird & Co. Incorporated are the representatives of the underwriters. In addition, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as joint bookrunning managers in the offering.

ABOUT VINCE

Founded in 2002, Vince is a prominent contemporary fashion brand known for its modern effortless style and everyday luxury essentials. The company offers a broad range of women’s and men’s ready-to-wear including its signature cashmere sweaters, leather jackets, luxe leggings, dresses, silk and woven tops, denim and footwear. Vince is carried in over 2,100 stores across 43 countries and operates 21 full-price retail locations, 6 outlet stores and its e-commerce site.

Vince Holding

Must ReadView All

Courtesy: Alibaba Group

Apparel/Garments | On 18th Jan 2017

Alibaba forges global alliance to fight counterfeiting

Jack Ma led Alibaba Group has forged an alliance with various global...

Apparel/Garments | On 18th Jan 2017

HanesBrands earns above average scores in CDP 2016

Global apparel and innerwear retailer HanesBrands said it has...

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search