NEW YORK, March 5, 2020 /PRNewswire/ -- WHP Global ("WHP" or the "Company"), a leading New York-based brand acquisition and management firm, today announced an additional $150 million equity commitment from funds managed by Oaktree Capital Management, L.P. ("Oaktree"), following Oaktree's initial $200 million commitment. WHP today also announced the closing of its acquisition of men's fashion brand Joseph Abboud.
WHP launched in 2019 and has more than $1.4 billion in retail sales across its portfolio of brands, including Anne Klein and newly-acquired Joseph Abboud, which will become an anchor brand in WHP's fashion portfolio. WHP will focus on driving the Joseph Abboud brand's growth with key partners, including Tailored Brands in the U.S. and Canada, and Onward Kashiyama in Japan, while adding new global partnerships across Asia, the Middle East and Europe.
Yehuda Shmidman, WHP Chairman and CEO, commented, "WHP Global was established to acquire large-scale and well-known consumer brands with strong growth prospects in international and digital markets. Succeeding in that mission is made possible through the tireless work of our team, our relationships with a broad network of business partners, and our partnership with Oaktree. We're pleased to have completed two major transactions in less than a year, and we look forward to continuing the momentum for the balance of 2020."
"We increased our commitment to WHP because we believe the Company is strongly-positioned to take advantage of attractive acquisition opportunities in the market," said Thomas Casarella, Managing Director at Oaktree and a founding member of the WHP Board of Directors. "We look forward to continuing our partnership with Yehuda and the team as we build the platform."
In addition to Oaktree's commitment, WHP Global received a $10 million commitment from Platform Founder Group LLC, owned in part by Yehuda Shmidman and WHP's management team.
Financing for the Joseph Abboud acquisition was provided by BlackRock.
About WHP Global
WHP Global is focused on the future of brand management. The New York-based firm specializes in acquiring global consumer brands and strategically investing in high-growth distribution channels and global digital commerce platforms, in addition to introducing new product categories that are relevant to today's consumer. For more information, visit www.whp-global.com.
Oaktree is a leader among global investment managers specializing in alternative investments, with $125 billion in assets under management as of December 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.
SOURCE WHP Global