Joe's Jeans sells Joe's brand to Sequential Brands, Global Brands for $80 mln
Joe’s Jeans Inc. has agreed to sell the Joe’s brand and operating assets to Sequential Brands Group Inc. and Global Brands Group Holding Ltd. for $80 million. Joe’s has also agreed to merge its remaining Hudson business with RG Parent LLC, the parent of Robert Graham. Once Joe’s brand is sold, the company will be renamed Differential Brands Group Inc. Robert Graham will have 47.3 percent, while Tengram Capital Partners’ preferred stock will convert to about 24 percent, convertible noteholders will have 14 percent and existing stockholders will have 14.2 percent. Tengram, controlling owner of the Robert Graham business, is also buying $50 million of new series A convertible preferred stock of the company. Sequential Brands is also a Tengram portfolio company.
