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

Textiles | On 25th Jul 2017

Global growth to pick up in 2017 and 2018: IMF

The pickup in global growth anticipated in the April World Economic...

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Interviews View All

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Marten Alkhagen
Swerea IVF AB

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

Lynda Kelly
Suominen Corporation

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mike Hoffman
Gildan Activewear SRL

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

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

July 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X