Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Fashion / Iconix Brand to buy Waverly business
Iconix Brand to buy Waverly business
29
Sep '08
NexCen Brands Inc announced that it has entered into an asset purchase agreement to sell its Waverly business to Iconix Brand Group Inc, a diversified fashion and home brands company.

Under the terms of the agreement, NexCen will receive $26.0 million in cash and Iconix will assume certain future liabilities associated with the Waverly business. NexCen will use the proceeds from the sale to pay off all of the outstanding Waverly debt of $21.3 million.

Following the repayment of this Waverly debt, the remaining sales proceeds, net of transaction expenses, will be used to pay down debt associated with NexCen's Bill Blass business.

The asset sale, which is subject to customary closing conditions, is expected to close within the next 30 days. NM Rothschild & Sons Limited acted as the financial advisor to NexCen.

Kenneth J. Hall, Chief Executive Officer of NexCen Brands, stated, “We are pleased to have executed an agreement for the sale of our Waverly business with an all cash transaction which exceeds the underlying debt associated with that business. We continue to make progress in executing our revised strategic plan to focus on our franchising businesses.

We believe the restructuring of our credit facility, now followed by the sale of Waverly, are important steps in the Company's efforts to de-lever our balance sheet, enhance our liquidity and ultimately to maximize value for our shareholders.”

NexCen Brands Inc


Must ReadView All

Trump announces tariffs on $200 bn worth Chinese imports

Apparel/Garments | On 18th Sep 2018

Trump announces tariffs on $200 bn worth Chinese imports

US President Donald Trump escalated the trade war with China on...

Courtesy: Sunrise Bumi Textiles

Textiles | On 18th Sep 2018

Sunrise Bumi developing new products for profitability

Sunrise Bumi Textiles, one of the world's leading quality yarn...

New Zealand bans sheep mulesing

Textiles | On 18th Sep 2018

New Zealand bans sheep mulesing

New Zealand has banned the practice of mulseing sheep, making the...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Akash Khetan, Narayan Tex Fab

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Hardik Sanghvi,

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Nisha Chanda, Whistling Woods International School of Fashion

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search