, was valued at $1.2 billion. The Centric Brands board will consist of independent directors and appointees selected by Tengram and GSO Capital Partners LP (“GSO Capital Partners”).
Jason Rabin, former president of GBG North America, will serve as chief executive officer of the new entity; while William Sweedler will act as chairman of the board of directors.
The new Centric Brands platform will present an opportunity for the company to add new licenses and company-owned brands to its holdings and will see its members leverage their expertise in the field to design, produce, manage and market a broad array of products.
The company will be headquartered in New York City with offices in Greensboro, N.C., Los Angeles, Calif., and Montreal.
“With the closing of the acquisition and structuring of the new Centric Brands platform, we have brought together best-in-class operating capabilities with a strong portfolio of brands across areas of core expertise including
Global Brands Group licenses brands including Calvin Klein, Under Armour, Tommy Hilfiger, BCBG, Joe’s, Buffalo David Bitton, Frye, Michael Kors, Kate Spade, All Saints and Cole Haan, and entertainment properties including Disney, Marvel and Nickelodeon, among others.
Upon the closing of the transaction, Tengram and its associated converted all of its holdings of the company’s Series A and Series A-1 convertible preferred stock into the company’s common stock.
The newly formed group will operate across the globe, offering branded products to a variety of consumers across all digital and retail channels.
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