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Vince Holding acquires Rebecca Taylor and Parker.

Vince Holding announced that it has acquired Rebecca Taylor and Parker. Rebecca Taylor and Parker are contemporary women's brands distributed to high-end department and specialty stores worldwide as well as through their own branded e-commerce sites and in six Rebecca Taylor retail locations. Combined net sales for Rebecca Taylor and Parker totaled approximately $84 million for the twelve-months ended February 2, 2019. The Acquisition closed on November 3, 2019. Total cash consideration was $19.7 million reflecting the payoff of $19.2 million of outstanding debt obligations under the credit facility of the Acquired Businesses and $0.5 million of compensation expense. On the closing date, the assets of the Acquired Businesses included $0.7 million of cash. Vince funded the purchase with cash utilizing its existing revolving credit facility, which was increased by $20 million to $100 million simultaneously with the Acquisition. No changes to covenants were associated with the increase in the revolving credit facility. The Acquisition is expected to be dilutive to fiscal 2019 earnings, both including and excluding expected fiscal 2019 non-cash pre-acquisition asset impairment charges related to the Acquired Businesses, the aforementioned payment of compensation expense as well as transaction costs incurred by Vince. The Company plans to provide additional details regarding the expected financial impact of the Acquisition on its fiscal 2019 financial results when it reports its third quarter earnings.

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Publication:The Fly
Date:Nov 5, 2019
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