Oxford Industries, Inc. (OXM) announced Monday that it has completed the sale of 100 percent of the equity interests of its Ben Sherman business, for a purchase price of 40.8 million pounds.
Now, Ben Sherman is fully owned by Ben Sherman UK Acquisition Limited and Ben Sherman US Acquisition, LLC, both of which are backed by Marquee Brands LLC.
"We truly appreciate the efforts of our Ben Sherman associates. Their dedication and enthusiasm for this iconic brand was clearly communicated to potential buyers, and was a critical component of this successful sales process. It has been a pleasure working with Marquee Brands to quickly culminate this transaction, which we believe will benefit both companies,” commented Thomas C. Chubb III, Oxford's chairman and chief executive officer CEO) on the deal.
“Looking forward, with the strength of our Tommy Bahama and Lilly Pulitzer brands, Oxford is well-positioned to continue to generate long-term value for our shareholders," further explained Oxford Industries´ CEO.
Oxford noted that it expects to receive net cash proceeds, after transaction fees and expenses, of approximately 58 million dollars in connection with the transaction, and also expects to incur a one-time, non-cash loss on sale of discontinued operations.
Oxford's financial adviser in the transaction was Financo, Ltd. and its legal adviser was Norton Rose Fulbright LLP, publishes ‘MarketWatch’.