Iconix Brand Group Completes Acquisition of Umbro
NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Iconix Brand Group, Inc. ("Iconix" or the "Company"), today announced that it has completed the acquisition of the Umbro brand and related intellectual property assets from NIKE, Inc. for $225 million in cash.
Founded in 1924, Umbro is the original global football (soccer) brand. Today, the brand combines its British heritage with a modern football lifestyle to create iconic sports apparel and footwear.
The purchase price was funded with the Company's recently announced $600 million securitized financing facility.
"We are thrilled to be adding Umbro to our portfolio of iconic brands" said Neil Cole, Chairman and CEO of Iconix Brand Group, Inc. "In addition, we believe our ability to secure financing at an attractive price highlights the strength of our brands and our business model. Acquisitions remain a key focus for our Company and with our new securitization in place we believe we have significant financial flexibility and are well positioned to continue to grow our business and execute on our acquisition strategy."
Iconix owns 29 consumer brands in the fashion, athletic, electronic, home and entertainment industries. With this acquisition, the Company's brands will generate approximately $13 billion in retail sales globally, with over $2.5 billion attributable to the Company's portfolio of athletic brands.
About Iconix Brand Group, Inc.
Iconix Brand Group, Inc. owns, licenses and markets a growing portfolio of consumer brands including: CANDIE'S (R), BONGO (R), BADGLEY MISCHKA (R), JOE BOXER (R), RAMPAGE (R), MUDD (R), MOSSIMO (R), LONDON FOG (R), OCEAN PACIFIC (R), DANSKIN (R), ROCAWEAR (R), CANNON (R), ROYAL VELVET (R), FIELDCREST (R), CHARISMA (R), STARTER (R), WAVERLY (R), ZOO YORK (R), ED HARDY (R), SHARPER IMAGE (R) and UMBRO (R). In addition, Iconix owns interests in the ARTFUL DODGER (R), ECKO (R), MARC ECKO (R), MATERIAL GIRL (R), PEANUTS (R) and TRUTH OR DARE (R) brands. The Company licenses its brands to a network of leading retailers and manufacturers that touch every major segment of retail distribution from the luxury market to the mass market in both the U.S. and worldwide. Through its in-house business development, merchandising, advertising and public relations departments Iconix manages its brands to drive greater consumer awareness and equity.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this press release are "forward-looking statements" within the meaning of U.S. federal securities laws that involve a number of known and unknown risks, uncertainties and other factors, all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, uncertainty regarding the results of the Company's acquisition of additional licenses, continued market acceptance of current products and the ability to successfully develop and market new products particularly in light of rapidly changing fashion trends, the impact of supply and manufacturing constraints or difficulties relating to the Company's licensees' dependence on foreign manufacturers and suppliers, uncertainties relating to customer plans and commitments, the ability of licensees to successfully market and sell branded products, competition, uncertainties relating to economic conditions in the markets in which the Company operates, the ability to hire and retain key personnel, the ability to obtain capital if required, the risks of litigation and regulatory proceedings, the risks of uncertainty of trademark protection, the uncertainty of marketing and licensing acquired trademarks and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "believe", "anticipate," "expect", "confident", "will", "project", "provide" "guidance" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of such statements.
SOURCE Iconix Brand Group, Inc.