Count Vince as the most recent fashion brand to return into the orbit of Authentic Brands Group.
In what was dubbed “a transformative strategic partnership,” Vince Holding Group plans to transfer its mental property to a newly formed Authentic subsidiary, ABG Vince, in return for $76.5 million in money and a 25 percent membership interest within the subsidiary.
Vince will proceed as a publicly traded company and plans to make use of proceeds from the deal to extend its working capital and repay the $27.7 million outstanding under its term loan credit facility.
Together with the partnership, the 2 signed a 10-year license that may allow Vince to proceed running its current operations with the choice for eight 10-year renewals.
Jack Schwefel, chief executive...
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