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Bluestem acquires online apparel retailer Orchard Brands
15
Jul '15
Multi brand online retailer Bluestem Group completed acquisition of Orchard Brands Corporation, also an online retailer of multi-brand family of 13 catalogue and ecommerce brands.

The deal, according to a Bluestem Group press release, has been done for $410 million in cash, which however are subject to customary purchase price adjustments.

“The transaction will broaden and diversify the customer base and retail capabilities of Bluestem Group’s wholly-owned subsidiary, Bluestem Brands,” it added.

The acquisition was funded with a combination of cash on-hand, a new term debt syndication, and a new asset-based lending facility.

The term debt was underwritten by Credit Suisse Securities (USA) LLC and Morgan Stanley Senior Funding Inc., while Credit Suisse and U.S. Bank National Association led the asset based lending facility.

Bluestem Group was advised by its financial adviser Morgan Stanley & Co. LLC and by its counsels Akin Gump Strauss Hauer & Feld LLP and Faegre Baker Daniels LLP.

While, Orchard Brands was advised by its financial advisor Goldman Sachs and by its counsel Schulte Roth & Zabel.

Bluestem Group is a holding company whose businesses include Bluestem Brands, a multi-brand, online retailer of a broad selection of name-brand and private label general merchandise.

Bluestem operates Fingerhut, Gettington and PayCheck Direct brands and complementing each brand is a large selection of merchandise.

Orchard Brands is a national multi-channel direct marketer offering apparel, accessories, and home products for women and men principally in the rapidly growing boomer and senior demographic.

The Orchard Brands portfolio includes Blair, Haband, Norm Thompson, Solutions, Sahalie, Gold Violin, Appleseed’s, Tog Shop, LinenSource, Draper’s & Damon’s, Old Pueblo Traders, Bedford Fair and WinterSilks.

Orchard distributes more than 512 million catalogues and mailers annually and operates dedicated internet sites for each brand. (AR)

Fibre2Fashion News Desk - India

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