Canada : Counsel Corp sells investment in CJ Apparel

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Counsel Corp sells investment in CJ Apparel

11
Apr '08

Counsel Corporation and Knight's Bridge Capital Partners Inc ("Knight's Bridge") announced that Counsel has sold its portfolio investment in CJ Apparel Group, LLC ("CJ") for proceeds of approximately US$8 million, resulting in a cumulative profit of approximately US$4.8 million since its original investment in December, 2006.

Knight's Bridge was responsible for sourcing and managing this portfolio investment opportunity for Counsel.

"We are very pleased about the sale of our investment in CJ. It exemplifies our ability to create value for Counsel and its shareholders as we continue to look for new opportunities," said Allan Silber, Chairman and CEO of Counsel.

CJ is a designer, manufacturer and importer of casual apparel, in the women's, men's and children's markets.

CJ sells under a number of trade names, including Caribbean Joe Island Supply Company, CJ Apparel, Havana Jack Cafe, Jamaica Bay and Periscope, all of which are controlled by CJ.

CJ also has a well-developed licensing business under the Caribbean Joe label, with products in such key categories as swimwear, eyewear, footwear, and home goods.

"The sale of CJ represents a significant success for Knight's Bridge, its investment strategy and our management team," said Kenny Finkelstein, the President and Chief Executive Officer of Knight's Bridge.

Mr. Finkelstein continued, "We will continue to look for opportunities to build on our successes and createvalue for our investors."

Counsel Corporation

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