Iconix Brand Group (ICON) Completes Acquisition of 51% Interest in Ecko Portfolio
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Iconix Brand Group, Inc. (Nasdaq: ICON) has completed the acquisition of a 51% controlling interest in the Ecko portfolio of brands through a newly formed joint venture company, IP Holdings Unltd LLC. The Ecko portfolio includes Ecko Unlimited, Marc Ecko, the Rhino logo, and Zoo York, which in the aggregate represent over $1 billion of annual global retail sales.
For this acquisition, Iconix paid $63.5 million in cash, and the joint venture obtained $90 million of financing. Iconix's effective purchase price for it's 51% interest in the joint venture was approximately $109 million.
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