Fifth & Pacific Companies has sold Lucky Brand Jeans to an affiliate of Leonard Green & Partners for $225 million, finalizing the company’s plans to focus on the Kate Spade brand.

$140 million of the sale price will be paid in cash at closing and the remaining $85 million will be financed in the form of a three-year seller note.

Under LGP, Lucky Brand Jeans will also assume the proportionate share of FNP's sourcing contract with Li & Fung, in addition to other FNP obligations.

The deal is expected to close in the first quarter of 2014 subject to customary closing conditions.

"It is truly an historic day at Fifth & Pacific Companies–a return to our roots as a mono-brand company,” says William L. McComb, chief executive officer, Fifth & Pacific Companies. “Just as I indicated back on Oct. 7 when we announced the Juicy Couture deal with Authentic Brands Group, the decision to sell Lucky Brand Jeans is the result of a process we began last year–studying our resource allocation needs, our capital structure and the operating risks and opportunities associated with a multi-brand portfolio. We believe that by focusing all of our resources on the huge opportunity at Kate Spade, we can deliver the strongest value creation opportunity for our shareholders. This is all about bringing Kate Spade to its full potential. The opportunity we have today is not unlike the opportunity that launched our corporation back in 1976: Kate Spade is a rapidly growing brand, with global appeal and strong margins, offering consumers something more than any of its competitors.”