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Carl Marks Securities Advises Joe’s Jeans on Asset Sale

September 18, 2015, 07:41 AM
Filed Under: Retail

Carl Marks Securities LLC acted as investment banker and chief restructuring advisor to denim retailer Joe’s Jeans Inc. on two transactions, the first of which closed on September 11 and involved the sale of the Joe’s® brand and substantially all of its operating assets to Sequential Brands Group, Inc. and Global Brands Group Holding Limited. The transaction generated net proceeds of approximately $80 million. 

The second transaction, involving the merger of the remaining Hudson business with the parent company of Robert Graham, RG Parent LLC, a nationally recognized fashion brand, is expected to close in the fourth quarter of 2015.

“We are very pleased to have brought the sale of Joe’s Jeans assets and brand to a successful conclusion, leveraging once again our unique, combined offerings of restructuring and investment banking expertise,” said Evan Tomaskovic, CEO of Carl Marks Securities.

“Despite headwinds that continue to impact the retail environment, we have been able to reposition Joe’s Jeans as an attractive business opportunity,” said Mark Claster, President of Carl Marks Securities.

“The Carl Marks team worked tirelessly to help provide a favorable outcome to Joe’s Jeans and our shareholders,” added Sam Furrow, Chairman of the Board and Interim Chief Executive Officer at Joe's Jeans Inc. “Their operational and transactional expertise were valued greatly by us.”

Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Joe’s Jeans, with a team led by Russell W. Parks Jr. and Erica McGrady.  

Carl Marks Securities LLC, the broker-dealer affiliate of Carl Marks Advisors Group LLC, provides sophisticated financial advisory services related to private placement of debt and equity capital. Serving middle market companies, the firm provides a broad range of capital market alternatives as they seek financing for growth, mergers or acquisitions, restructurings or other purposes. Carl Marks Securities LLC is a member FINRA and SIPC.

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