Authentic Brands Group is on the acquisition hunt, after bolstering its war chest by $600 million.
CEO Jamie Salter said the cash injection from BlackRock, General Atlantic and Leonard Green & Partners now brings the apparel licensing firm’s total cash up to $1 billion, according to CNBC. Salter said he’s looking to use that to buy up struggling retailers.
Authentic has teamed up with mall owner Simon Property Group on a joint venture, dubbed Sparc, that has scooped up a few big-ticket retailers in recent months such as Brooks Brothers and Lucky Brand.
On its own, Authentic bought Barneys New York and Nine West.
Salter said his ideal purchases are retailers with strong real estate assets and global brand recognition, according to CNBC.
“The brands that don’t have stores are harder to market and expand globally,” he said. “You need a footprint and a supply chain. Those are two critical parts to running a business.” [CNBC] — Erin Hudson