US-based Differential Brands Group has completed the acquisition of an interest in the North American licensing business of Global Brands Group Holding (GBG) for $1.2bn in cash.
The completion follows DFBG’s announcement in June that it signed a definitive purchase agreement to acquire a significant stake in GBG’s business.
In line with the transaction closure, Differential Brands has also changed its name to Centric Brands to represent itself as a lifestyle brands collective platform.
GBG North America former president Jason Rabin will be named new CEO of Centric Brands, while Tengram Capital Partners managing partner William Sweedler will continue as chairman of the board of directors.
Sweedler said: “With the closing of the acquisition and structuring of the new Centric Brands platform, we have brought together best-in-class operating capabilities with a strong portfolio of brands across areas of core expertise, including kids’ wear, women’s and men’s accessories and apparel.
“Centric Brands looks forward to building its relationship with Li & Fung and its global sourcing networks.
“As a proven leader with nearly 25 years of industry experience, Jason will be able to seize the opportunities that lie ahead for Centric Brands in an impactful way that drives growth and creates long-term shareholder value.”
GBG currently offers kids wear and women’s and men’s accessories and clothing ranges under various brands that include Calvin Klein, Under Armour, and Tommy Hilfiger.