Apparel group Liz Claiborne Inc announced that it has purchased all the outstanding equity interests in Westcoast Contempo Fashions Limited and Mac and Jac Holdings Limited which collectively design, market and sell the mac & jac, kenzie and kenziegirl apparel lines.
The purchase price, which includes the retirement of debt at closing, is currently estimated to be $23.6 million (representing 50 percent & Jac's initial valuation), plus additional payments based upon a multiple of Mac & Jac's earnings in fiscal years 2006, 2008, 2009 and 2010.
Mac & Jac generated net sales of approximately $40 million in fiscal year 2005.
Based in Vancouver, Canada and founded in 1985, the Company is a designer, marketer, wholesaler and retailer of premium apparel for women and men through its mac & jac, kenzie, and kenziegirl brands.
The Company offers modern, fashionable, high-quality apparel and accessories for women and men.
The fashion-forward yet classic combination results in clothes that fit and flatter, while providing women and men with a myriad of looks for work, nights out, weekends and holidays.
Mac & Jac sells its products primarily through select specialty stores and department stores in both the United States and Canada, including Nordstrom, Macy's, Marshall Field's and Dillard's in the US and Hudson's Bay in Canada.
The Company also operates 2 retail stores under the kenzie name in the US.
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