Iconix Brand to buy out Mossimo finders pact for $33m
27 Apr '06
1 min read
Leading licensor and global brand management Cherokee Inc has entered into an agreement with Iconix Brand Group Inc to terminate its Cherokee-Mossimo Finders Agreement in exchange for Iconix's agreement to pay Cherokee $33 million in cash.
This transaction is contingent upon and expected to close concurrent with Iconix's acquisition of Mossimo Inc, which is currently expected to occur in the third quarter of 2006.
As a result of this transaction, Cherokee has withdrawn its previously announced acquisition proposal of Mossimo, Inc. This payment is expected to be treated by Cherokee as one-time revenues in the quarter in which it is received. Cherokee is being advised on this transaction by Financo Inc.
Cherokee Inc, based in Van Nuys, is a marketer, licensor and manager of a variety of brands it owns (Cherokee, Sideout, Carole Little and others) and represents. Currently, it has licensing agreements in a number of categories, including family apparel, fashion accessories and footwear, as well as home furnishings and recreational products.
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