The owner of downtrodden retail brands including JCPenney and Forever 21 plans to sell shares to the public, according to documents filed with the Securities and Exchange Commission.
Authentic Brands Group Inc. holds the license to more than 30 brands, including Sports Illustrated and Marilyn Monroe, as well as other well known retail names such as Brooks Brothers, Nine West and Eddie Bauer. The company gets most of its revenue from licensing fees.
It has partnered with mall owner
Simon Property Group Inc.
Authentic Brands had net income of $225 million in 2020 on total revenue of $489 million, according to the SEC filing.
The preliminary prospectus filed Tuesday doesn’t set an initial public offering price or place a valuation on the business. The filing says the company plans to sell $100 million worth of stock but that is a placeholder amount and will likely change.
The shares will change hands on the New York Stock Exchange under the symbol AUTH.
Bank of America Corp.
& Co. and
Goldman Sachs Group Inc.
are the lead underwriters on the offering.
Leonard Green & Partners LP, Lion Capital LLP, General Atlantic LLC and Simon Property, as well as its founder
according to the filing.
Mr. Salter is a Toronto businessman who started the company in 2010 and serves as CEO and chairman. He previously served as CEO of Hilco Consumer Capital Corp., which bought brands such as Polaroid and Sharper Image out of bankruptcy. His four sons also work for Authentic Brands, including
its chief operating officer.
The company plans to issue two classes of stock. The Class A stock will be held by the public. Mr. Salter and affiliates will own Class B shares, which will have extra voting rights.
Write to Suzanne Kapner at [email protected]
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