G-III Apparel Group, Ltd. Acquires Global Luxury Resort Brand Vilebrequin

G-III Apparel Group, Ltd. announced that it has acquired Vilebrequin, provider of swimwear, accessories and resort-wear. The total purchase price is EUR85.5 million (approximately $106.2 million), subject to certain post-closing adjustments, of which EUR70.5 million (approximately $87.6 million) was paid in cash and EUR15 million (approximately $18.6 million) was paid by unsecured promissory notes, due December 31, 2017, with interest at the rate of 5% per year. In addition to the purchase price, the agreement provides for up to an additional EUR22.5 million (approximately $27.9 million) of contingent future payments based upon achieving certain performance objectives related to growth over the three years ending December 31, 2015. The cash portion of the purchase price was funded by G-III’s newly expanded $450 million bank facility. The acquisition is expected to be neutral to G-III’s net income per share in its fiscal year ending January 31, 2013, excluding acquisition and integration expenses. Vilebrequin, headquartered in Geneva, Switzerland, has been owned since 2007 by Fashion Fund I B.V., a private equity fund focusing on majority investments in mid to later stage companies that are active in the apparel and accessories segment of the European fashion industry. Barclays acted as exclusive financial advisor to G-III. Fulbright & Jaworski L.L.P. and Meyerlustenberger Lachenal Avocats served as legal advisors for G-III in connection with the acquisition of Vilebrequin.