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Transformational Acquisition Increases Sequential's Portfolio from 8 to 12 brands with the addition of Avia®, AND1®, Nevados® and Linens 'N Things®
Annual Global Retail Sales for Sequential's brands expected to grow from approximately $1 Billion to nearly $2 Billion
The Carlyle Group, majority owner of Galaxy Brand Holdings, to become significant shareholder in Sequential
Forward looking twelve month revenue run rate of Sequential expected to increase from range of $28 - $30 million to approximately $56 - $60 million
Forward looking twelve month projected Adjusted EBITDA run rate expected to increase to $36 - $40 million
Debt financing for the transaction led by Bank of America and affiliates of Blackstone Group
NEW YORK, June 25, 2014 (GLOBE NEWSWIRE) -- Sequential Brands Group, Inc. (Nasdaq:SQBG) ("Sequential" or the "Company") announced today that it has signed a definitive agreement to acquire Galaxy Brand Holdings, Inc. ("Galaxy") for $100 million in cash, 13.75 million shares of common stock of the Company, and certain performance based warrants. This transformational acquisition will position Sequential as one of the largest pure-play brand licensing companies in the world, with a portfolio of twelve global consumer brands generating nearly $2 billion in global retail sales annually. The transaction, which is expected to close by the end of 2014, is subject to customary closing conditions and regulatory approval.
A photo accompanying this release is available at
In the transaction, Sequential will acquire four well-known consumer brands that include the fitness brand Avia®, basketball brand AND1®, outdoor brand Nevados®, and home goods brand Linens 'N Things®.