Hilco Consumer Capital, L.P. and GB Brands, LLC Win Stalking Horse Bid for The Sharper Image
15/05/2008 01:18
PR Newswire
TORONTO, May 15 /PRNewswire/ -- A joint venture led by Hilco Consumer Capital, L.P. ("HCC") and GB
Brands, LLC ("GBB"), in partnership with Windsong Brands, LLC and Crystal
Capital, announced today that it was approved as the stalking horse bidder
for certain assets of The Sharper Image Corporation.
HCC and GBB have developed a global licensing strategy for wholesale,
retail, direct-to-retail (DTR), e-commerce and catalogue businesses which
will exploit The Sharper Image's heritage of quality, excitement, innovation
and fun.
During its 32-year history, The Sharper Image has developed one of
America's most widely recognized and positively perceived consumer brands.
HCC and GBB recognize The Sharper Image's blend of upscale specialty
positioning, iconic stature, outstanding consumer recognition and appeal
across a wide demographic.
Jamie Salter, CEO of HCC, commented, "The Sharper Image's brand
versatility encompasses a vast array of products which demonstrates the
powerful and consistent brand attributes of quality, excitement, innovation
and fun." He added, "Whether it is electronics, housewares, health and
fitness or unique gifts in personal care or travel, The Sharper Image brand
delivers on all of the brand's attributes."
Stephen Miller of GBB continued, "GBB envisions this to be a terrific
opportunity to transform a tier-one, iconic American brand into a global,
multi-channel platform of diverse and unique consumer products using leading
technologies and trend-setting innovations. This reflects the core
transformational competencies of the joint venture partners and we look
forward to working with new licensees to grow the brand worldwide and in
multiple categories."
The joint venture will partner with a number of global institutions in
the ongoing development of The Sharper Image brand.
About Hilco Consumer Capital:
Hilco Consumer Capital (http://www.hilcocc.com) is a private equity firm
that makes strategic investments in consumer lifestyle brands through
acquisitions of North American manufacturers, wholesalers, intellectual
property and retailers. HCC investments range from US$25 million to US$250
million. Current portfolio brands and companies include Caribbean Joe(R),
Ellen Tracy, Halston(R), Tommy Armour Golf(R), RAM Golf(R), and Bombay
Brands, LLC. HCC is a unit of The Hilco Organization, a Chicago-based,
international provider of diversified financial and operational services,
including business asset valuations, asset acquisition and disposition
services, M? services and retail consulting.
About GB Brands, LLC:
GB Brands, LLC is a member of the Gordon Brothers Group family of
companies. GB Brands LLC purchases, sells, and licenses brands and other
intellectual property. Founded in 1903, Gordon Brothers Group
(http://www.GordonBrothers.com) is a global advisory, restructuring and
investment firm specializing in retail and consumer products, industrial and
real estate sectors. Gordon Brothers Group maximizes value for both healthy
and distressed companies by purchasing or selling all categories of assets,
appraising assets, providing debt financing, making private equity
investments, and operating businesses for extended periods. Gordon Brothers
Group conducts over US$40 billion in annual transactions and appraisals.
Its private equity fund, 1903 Equity Fund, holds majority or minority
positions in a portfolio of companies including Como Fred David, Clair de
Lune, Deb Shops, Dollarama, Grafton-Fraser, Laura Secord, Things Remembered
and Toys R Us.
About Windsong Brands LLC:
Windsong Brands, LLC (http://www.windsongbrands.com ) is a private equity
firm that focuses on investments in leading middle market consumer companies
that own strong recognizable brands. The team has a diverse background of
consumer expertise that assists and guides company management to unlock the
true potential of their brand. Windsong Brands makes majority and minority
investments in both public and private companies. Investments and portfolio
brand companies include Ellen Tracy, Caribbean Joe, Joe's Jeans, Field &
Stream, Como Sport, and Alerion Aviation.
About Crystal Capital:
Established by a team of experienced financial professionals, Crystal
Capital is an investment firm that provides capital for middle market
companies across all industries. The founding principals each have over 25
years of experience and have provided in excess of US$15 billion in creative
capital commitments for buyouts, recapitalizations, refinancings and growth
opportunities.
For further information: Interested parties should contact: John Collins
at HCC: jcollins@hilcocc.com or +1-416-682-5680; Brad Snyder at GBB:
bsnyder@gordonbrothers.com or +1-617-422-6216; Bill Sweedler at Windsong
Brands: bsweedler@windsongbrands.com or +1-203-319-3600.
For further information: Interested parties should contact: John Collins at HCC: jcollins@hilcocc.com or +1-416-682-5680; Brad Snyder at GBB: bsnyder@gordonbrothers.com or +1-617-422-6216; Bill Sweedler at Windsong Brands: bsweedler@windsongbrands.com or +1-203-319-3600.
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