Sequential Brands sells Martha Stewart, Emeril Lagasse to Marquee Brands
SBG has owned the two brands since 2015, at the time buying Martha Stewart Living Omnimedia for $353 million. Now, the company will sell the Martha Stewart business along with the Emeril Lagasse brand - which was purchased by Stewart in 2008 - for an estimated $175 million, with an earn-out opportunity for an additional $40 million. The new acquisition is expected to close in the second quarter of 2019.
According to a press release, the purchase will start a new home and food division for Marquee Brands, and increase the company's portfolio to over $2.3 billion in annual retail equivalent sales.
"This transformative acquisition allows Marquee Brands to enter the home, food, and media sectors," said Zachary Sigel, managing director of Neuberger Berman, the company behind investor funds that own Marquee. "The addition of new partners, customers, and capabilities will further diversify Marquee Brands, improving its position as a preeminent global brand owner."
Martha Stewart will join the Marquee Brands team in order to continue to guide her namesake brand. According to SBG's 2017 annual report, the Martha Stewart brand - which operates as a media platform and merchandiser, selling home goods and more in retailers like Macy's Home Depot and Michael's - reaches some 100 million consumers each month.
SBG's portfolio includes brands like Jessica Simpson, Joe’s Jeans, Gaiam, Avia, And 1, William Rast, Ellen Tracy and Caribbean Joe, among others.
Copyright © 2022 FashionNetwork.com All rights reserved.