Company Expands Portfolio of Premium Consumer
Brands with the Addition of Fast-Growing Scandinavian Leader in
Contemporary Footwear & Apparel
- First Acquisition for Differential
Brands’ Omni-Channel, Premium-Plus Platform
- The Unique Brand Positioning for
SWIMS Complements Differential’s Platform Offerings
- SWIMS’ International Networks Create
Cross-Pollination Opportunities for Differential’s Existing
Brands
- The Transaction Is Expected to be
Immediately Accretive
Differential Brands Group Inc. (Nasdaq:DFBG) ("Differential
Brands" or the "Company") announced today that it has completed the
acquisition of SWIMS AS (“SWIMS”), a Scandinavian lifestyle brand
best known for its range of fashion-forward, water-resistant
footwear and sportswear that artfully balances performance, comfort
and style. SWIMS distributes its full range of footwear, swimwear,
outerwear, ready-to-wear and accessories worldwide through high-end
department stores, independent specialty stores, and luxury
resorts. The Company also sells product through its own website and
through ten licensed SWIMS-branded stores.
The transaction is expected to be immediately accretive for
Differential Brands. The acquisition and related expenses were
financed through a combination of Differential’s common stock
totaling approximately 700,000 shares, certain warrants and cash.
Differential is also pleased to acquire such a high-quality brand
at an attractive contribution multiple below 6.5 times. The Company
obtained a $13.0 million bridge financing facility in order to
facilitate the closing of the transaction.
Michael Buckley, Chief Executive Officer of Differential Brands,
commented, “This marks the first acquisition for Differential
Brands, and we are thrilled to be adding SWIMS, a sought-after
lifestyle brand, to our portfolio. SWIMS’ unique, global footprint
in the water-resistant footwear and apparel category aligns well
with our strategy to build a portfolio of complementary, premium
brands that consumers are passionate about. We believe that SWIMS
offers significant growth opportunity through increased brand
awareness and continued expansion in both the U.S. and
international markets. The transaction also adds a strong sales
network around the world to build our existing Robert Graham and
Hudson businesses.”
Alex Eskeland, President and Co-Founder of SWIMS, commented, "We
are excited to partner with the Differential Brands team to
capitalize on their expertise and infrastructure, as well as
leverage their omni-channel distribution strategy to expand SWIMS’
presence, including in the U.S. We’re also looking forward to
helping diversify the geographic presence of Robert Graham and
Hudson through our well-developed international network.”
About Differential Brands Group
Differential Brands Group Inc. (Nasdaq: DFBG) is a platform that
focuses on branded operating companies in the premium apparel,
footwear and accessories sectors. Our focus is on organically
growing our brands through a global, omni-channel distribution
strategy while continuing to seek opportunities to acquire
accretive, complementary, premium brands.
Our current brands are Hudson®, a designer and marketer of
women’s and men’s premium, branded denim and apparel, Robert
Graham®, a sophisticated, eclectic apparel and accessories brand
seeking to inspire a global movement, and SWIMS AS, a Scandinavian
lifestyle brand best known for its range of fashion-forward,
water-resistant footwear, apparel and accessories. For more
information, please visit Differential's website at:
www.differentialbrandsgroup.com.
About SWIMS AS
SWIMS was initially established to transform the traditional,
utilitarian galosh into a tasteful lifestyle item with bold
personality. While Scandinavia is famous for clean and minimalistic
design, Norwegian brands are particularly functional and have to
adapt to the highly contrasting seasons they face at home.
Norwegians, famous for fearlessly and happily adapting between the
heaviest winter months to the 'warm' summer months on the fjord,
therefore require ultimate versatility and functionality. SWIMS
enables the typical urban Scandinavian to look sleek with a touch
of cheekiness, comfort and ultimate functionality fit for both
slushy winter days in the city and warm days out on the boat during
the summer season.
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. The matters discussed in
this news release involve estimates, projections, goals, forecasts,
assumptions, risks and uncertainties that could cause actual
results or outcomes to differ materially from those expressed in
the forward-looking statements. All statements in this news release
that are not purely historical facts are forward-looking
statements, including statements containing the words “may,”
“will,” “expect,” “anticipate,” “intend,” “estimate,” “continue,”
“believe,” “plan,” “project,” “will be,” “will continue,” “will
likely result” or similar expressions. Any forward-looking
statement inherently involves risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. Factors that would cause or contribute to such
differences include, but are not limited to: the anticipated
benefits of the merger on its financial results, business
performance and product offerings, the Company’s ability to
successfully integrate the SWIMS business and realize cost savings
and any other synergies, the risk that the credit ratings of the
company or its subsidiaries may be different from what the Company
expects, continued acceptance of our product, product demand,
competition, capital adequacy, general economic conditions and the
potential inability to raise additional capital if required; the
risk that the Company will be unsuccessful in gauging fashion
trends and changing customer preferences; the risk that changes in
general economic conditions, consumer confidence, or consumer
spending patterns will have a negative impact on the Company’s
financial performance; the highly competitive nature of the
Company’s business in the United States and internationally and its
dependence on consumer spending patterns, which are influenced by
numerous other factors; the Company’s ability to respond to the
business environment and fashion trends; continued acceptance of
the Company’s brands in the marketplace; and other risks. The
Company discusses certain of these factors more fully in its
additional filings with the SEC, including its last annual report
on Form 10-K and quarterly report on Form 10-Q filed with the SEC,
and this release should be read in conjunction with those reports,
together with all of the Company’s other filings, including current
reports on Form 8-K, through the date of this release. The Company
urges you to consider all of these risks, uncertainties and other
factors carefully in evaluating the forward-looking statements
contained in this release.
Any forward-looking statement is based on information current as
of the date of this document and speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to update these statements to reflect events or
circumstances after the date on which such statement is made.
Readers are cautioned not to place undue reliance on
forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160719005543/en/
Investor Relations:Differential Brands Group Inc.Hamish Sandhu,
323.558.5188orMedia Inquiries:Robert GrahamSophia Manata,
646.625.5123smanata@robertgraham.us
Differential Brands Group Inc. (NASDAQ:DFBG)
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Differential Brands Group Inc. (NASDAQ:DFBG)
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