GAIAM brands will be added to the active division of Sequential Brands. It will be distributed to the global and US consumers via Bed Bath & Beyond, Target, Kohl's, Amazon and other retailers and e-tailers.
The acquisition will be funded by a combination of cash and debt financing. Sequential has obtained committed financing from Bank of America Merrill Lynch and GSO Capital Partners LP, an affiliate of Blackstone Group.
Commenting on the acquisition, Eddie Esses, president – active division at Sequential Brands said, “Studies show that over 35 million people in the US practice yoga today, up 76 per cent in the past 4 years, and another 80 million aspire to practice yoga.”
“By acquiring one of the leading brands in yoga, fitness and wellness, the opportunities are vast as we think about gaining market share, adding new distribution and expanding globally,” he added.
The acquisition is expected to close within 60 days, subject to customary closing conditions and approvals.
In tandem with the acquisition, Sequential signed long-term licensing agreements for the brands' core categories, which will become effective upon closing. (MCJ)
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