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HotPix 2010
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HONG KONG—Sourcing firm Li & Fung’s U.S. subsidiary LF USA Inc. has acquired young men’s and children’s apparel company Kids Headquarters for about $100 million and performance-based contingent payments over the next five years.
Kids Headquarters, which is also known as Wear Me Apparel LLC, posted net sales of $700 million last year. The company produces apparel under license for Calvin Klein, Ecko, Timberland, Hurley, Rocawear, US Polo Association, Disney, Marvel, Nickelodeon, Warner Brothers and Hasbro.
The deal, which should close in November, will make Kids Headquarters the sixth operating division of LF USA.
“This acquisition dramatically strengthens LF USA’s growth platform,” Rick Darling, LF USA’s president, commented in a statement. “We are pleased to welcome Artie, Jason and their entire team at Kids Headquarters to LF USA. They bring many years of industry experience and an exceptional track record of proven leadership that has allowed them to build one of the best companies in the market. The entire management team will continue to oversee the operations.”
Jason Rabin, president of Wear Me Apparel added, “My father and I are excited and thrilled to be joining LF USA. Their significant resources, global reach, sourcing network and retail relationships afford us tremendous new growth opportunities for our portfolio of brands.”
Marketing Management Group (MMG), the New York based investment banking firm, represented and negotiated the transaction on behalf of Kids Headquaters.
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