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TheStreet Open House

Sequential Brands Group Signs Definitive Agreement To Acquire Galaxy Brand Holdings

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
AND1-Avia

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 http://www.globenewswire.com/newsroom/prs/?pkgid=26067

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®.  

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