NEW YORK, Nov. 2, 2016 /PRNewswire/ -- Marquee Brands LLC announced today that it has acquired the Body Glove® brand and related intellectual property assets from Body Glove International.
Established in Redondo Beach, California in 1953, by twin brothers Bob and Bill Meistrell, Body Glove has grown into one of the most revered and treasured outdoor sports brands across global markets and a wide array of lifestyle product categories. From its humble beginnings as a pioneer in wetsuit technology to a history steeped in surf and adventure, generation after generation continue to make Body Glove a staple both in and out of the water.
"Adding to Marquee's portfolio of heritage brands, Body Glove represents what great brands are all about. While the brand is already ubiquitous and wildly successful, the opportunity to further expand its global footprint is at the core of our focus," said Michael DeVirgilio, president of Marquee Brands. "There is tremendous growth ahead for Body Glove to develop new product categories that cater to a consumer that embraces life, the outdoors and an active lifestyle."
The Meistrell family will retain a minority interest in the Body Glove brand and remain partners in the future growth of the brand. In addition to its New York headquarters and London design office, Marquee Brands will also be opening a west coast office to support the Body Glove brand management and marketing teams.
"Body Glove presents us with both the opportunity to, and responsibility for, Marquee to be stewards for the future of this American treasure. Whether it's the California vibe or the excitement of outdoor sports, Body Glove has never been beholden to styles and trends and remains an evergreen brand with its best years ahead." stated Cory M. Baker, chief operating officer of Marquee Brands. "We're grateful to be entrusted with the confidence of the Meistrell family to further build Body Glove in the U.S. and around the world."
Body Glove is the third investment for Marquee Brands, following its acquisition of Italian luxury brand Bruno Magli® and British fashion brand Ben Sherman®. As one of the most well capitalized brand acquisition and management companies in the space, Marquee will remain highly acquisitive as it builds its brand portfolio.
"We are very proud of the brands we have acquired at Marquee and remain committed to building a diversified global portfolio. Our large committed capital base continues to position us well to execute our acquisition strategy moving forward. Body Glove is our first acquisition in the Active and Outdoor sector which will continue to be a focus area for Marquee moving forward." said Zachary Sigel, of Neuberger Berman and director of Marquee Brands.
Marquee Brands was advised by Jane Goldstein and Jacob Silberberg of Ropes & Gray LLP, as well as Kindal Kreamer, associate general counsel, and Christian Neira, general counsel, of Neuberger Berman Private Equity.
About Marquee Brands
Marquee Brands is a brand acquisition, licensing and development company. Sponsored by Neuberger Berman Private Equity, a business of Neuberger Berman, one of the world's leading employee-owned investment managers, Marquee Brands targets high quality brands with strong consumer awareness and long-term growth potential. Marquee Brands seeks to identify brands in various consumer product segments with the goal of expanding their reach across retail channel, geography and product category while preserving the brand heritage and enhancing the ultimate consumer experience. Through its global team of professionals and partners, Marquee Brands monitors trends and markets in order to grow and manage brands in partnership with retailers, licensees and manufacturers through engaging, impactful marketing and strategic planning. www.marqueebrands.com
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 19 countries, Neuberger Berman's team is more than 1,900 professionals and the company was named by Pensions & Investments as a Best Place to Work in Money Management for three consecutive years. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $255 billion in client assets as of September 30, 2016. For more information, please visit our website at www.nb.com.
All information is as of October 31, 2016 unless otherwise indicated and is subject to change without notice.
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SOURCE Marquee Brands