Iconix to diversify, powerful brands in the offing

26 Jul '05

4 min read

Iconix has a unique and powerful business model that is ahead of its time and I am looking forward to working closely with the team to make Iconix the dominant brand management business within the fashion industry." Andy Tarshis, formerly a Senior Vice President at Windsong Allegiance Group and Joe Hovey, formerly Executive Brand Manager, will also be joining Iconix.

Financo Inc advised Windsong Allegiance Group in the transaction. In addition, pursuant to NASD Marketplace rule 4350(i), the Company issued to Mr. Sweedler 1.4 million 10-year non-plan options to purchase the Company's stock at a price as of the closing date, a majority of which vest based upon meeting certain revenue goals.

The acquisition was financed through an increase of the Company's current asset-backed note, which is secured by the Company's intellectual property and is due at the end of 2012.

UCC Capital Corporation, an industry leader in middle market lending secured by intellectual property completed the financing for the transaction. The two firms have worked together in the past with an asset-backed securitization of the Candie's and Bongo brands, and UCC also advised Iconix on its acquisition of Badgley Mischka. Robert W. D'Loren, President and CEO of UCC commented, "Their platform has been designed and built to assist consumer branded product companies in every step of their growth. UCC is proud to be an ongoing part of the Iconix Brand Group's exciting and aggressive growth strategy."

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