Galaxy Universal LLC, a portfolio company of Gainline Capital Partners, announced it has agreed to acquire the And1, Avia, Gaiam and SPRI brands (together the “Active Brands”) from Sequential Brands Group Inc. for approximately $330 million.
The transaction is subject to the satisfaction or waiver of customary closing conditions, including court approval and is expected to close by mid-November.
This transaction is a continuation of Galaxy’s strategy to integrate strong brands vertically under one management operation that controls marketing, design, sales, sourcing and manufacturing. This platform will create efficiencies to deliver high quality athletic, work and outdoor products at the best possible value to its customers.
Galaxy is led by CEO Eddie Esses, a footwear and brand management industry veteran. “In this everchanging marketplace, we are strategically positioned to deliver on the customers’ constantly evolving expectations. Galaxy is able to provide great brands, unique designs and upgraded quality at exceptional values,” Esses said.
In the spring, the company completed the acquisition of Apex Global Brands including, Hi-Tec, Magnum and Tony Hawk. It also has licensing deals with top brands such as Justice, London Fog and others.
KKR led the debt financing for the acquisition and will participate as a co-investor. “Galaxy’s vertical integration strategy and strong specialization in active products positions the company to take these great brands to new heights,” said Lauren Krueger, managing director at KKR.
Houlihan Lokey Inc acted as exclusive financial advisor and Willkie Farr & Gallagher LLP acted as legal advisors to Galaxy Universal LLC
