Authentic Brands Group (ABG), the reputed retail group based in the US, has put on hold its IPO plans, as it brings in some new investors.
The Group has, reportedly, sold significant equity stakes to investment firms CVC Capital Partners and HPS Investment Partners.
Notably, the aforementioned firms have agreed to buy the equity from the current, unspecified shareholders.
The deal values the brand licensing conglomerate at US $ 12.7 billion thereby leaving BlackRock as its largest shareholder.
With these new investors, the Group now plans to delay its IPO plans, which it had first announced back in July 2021. The deal is expected to close in December.
Also Read: Authentic Brands Group files IPO as it eyes expansion
More on this, the company spokesperson told, as per media reports, “We pursued an IPO so that we could bring value to ABG and its shareholders. We are achieving exactly that with the onboarding of new equity partners.”
Its change of plans has now put ABG in a position to keep growing and buying IP without the pressures and scrutiny of quarterly reporting.
Last year ABG had bought the reputed Lucky Brand, Brooks Brothers and Forever 21. It also owns athletic apparel and equipment brands such as Airwalk, Prince Sports, Tapout and Volcom.
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