Bill Blass Ltd. Sold to Haresh Tharani, Largest Licensee, & Michael Groveman, Blass' CFO.NEW YORK--(BUSINESS WIRE)--Nov. 8, 1999-- World-renowned couturier and ready-to-wear designer Bill Blass, announced today the sale of his $700 million design and licensing empire to Haresh T. Harani, Chairman of the company's largest licensee, The Resource Club, Ltd., and Michael Groveman, Blass' Chief Financial Officer. The sale, for an undisclosed amount, closed on Friday, November 5, 1999. Blass, 77, who is often credited as the designer who has most profoundly influenced American style, will maintain an active role in creative direction, but will relinquish day-to-day operations of the company to Groveman, 37, who has been with the company for 10 years. "I am committed to this company for life," Blass said after the sale. Bill Blass Ltd was founded 30 years ago and has more than 40 active licensees. Groveman said, "we will be propelling Bill Blass Ltd. forward, and I look forward to Bill Blass' continued input and direction." Sale Financed by Cak UCC An abbreviation for the Uniform Commercial Code. Creating Apparel Industry's 1st Investment Grade Asset-backed Securities Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. asset-backed security A debt security collateralized by specific assets. Charles Koppelman Charles Koppelman (born March 30, 1940, in The Bronx, New York City, New York) is the chairman of Martha Stewart Living Omnimedia, and was Martha Stewart's right-hand man on NBC's (fall 2005). Koppelman had previously been CEO of EMI Music. and Robert D'Loren, founders of CAK Universal Credit Corp (CAK UCC), structured the sale by creating the apparel industry's first investment grade asset-backed securities around the Blass trademarks, brand equity and licensing revenues. Koppelman, former Chairman of EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. Capitol Music Group Capitol Music Group is a major American record label, owned by EMI. It was formed in February 2007 as a merger of Virgin Records and Capitol Records in an effort by EMI to restructure and save an average of $217 million yearly. , and D'Loren, a well-regarded investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. specializing in corporate finance and asset-backed securities, said in a joint statement, "By securitizing the company's licensing income and trademarks, we have been able to create very attractive, asset-backed investment grade bonds, enabling the purchasers to raise capital with favorable terms, while attracting substantial financial institutions to this industry." |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion