LOS ANGELES, Sept. 8, 2015 /PRNewswire/ -- B. Riley
& Co., LLC, a leading full service independent investment
bank and a wholly-owned subsidiary of B. Riley Financial,
Inc. (NASDAQ: RILY), served as the exclusive financial advisor
to Peter Kim, the founder and CEO of
Hudson Clothing, a wholly-owned subsidiary of Joe's Jeans, Inc.
(NASDAQ: JOEZ), and investor, Fireman Capital Partners, LLC (FCP),
in the proposed transactions to sell the Joe's Jeans brand and
operating assets, and merge the remaining Hudson business with RG
Parent LLC, the parent company of Robert Graham, a
nationally-recognized fashion brand.
In connection with the merger, an affiliate of Tengram Capital
Partners, a consumer-focused private equity firm and the
controlling owner of the Robert Graham business, will sponsor a
recapitalization of the combined Hudson and
Robert Graham business. Upon the closing of the merger, the
outstanding indebtedness of JOEZ owed to its senior revolving
credit lender will be paid in full, as well as certain indebtedness
to the convertible noteholders. Holders of the outstanding
convertible notes issued by JOEZ, including Kim and an affiliate of
FCP, will exchange such notes for common stock, cash and modified
convertible notes. Upon the closing of the Joe's Jeans brand asset
sale transactions, the combined Hudson and
Robert Graham business will be renamed Differential Brands
Group, Inc. and remain listed on NASDAQ.
Kim founded Hudson in 2002 and built it into one of the leading
global designers of women's and men's premium branded denim
apparel. In 2009, FCP joined Kim in recapitalizing Hudson with the
objective of expanding the brand. In 2013, Hudson and Joe's Jeans
combined to create one of the largest global denim companies. The
combination of Hudson and Robert
Graham marks another milestone in Hudson's history as,
together with Robert Graham, it will provide the foundation of a
new, premium branded consumer platform.
"The B. Riley team worked tirelessly to navigate through a
highly complex transaction with multiple constituencies involved,"
said Kim. "Their sound counsel and commitment were instrumental in
delivering a solution that allows me to continue executing my
vision for Hudson."
Dan Fireman, Managing Partner of
FCP, said: "We are pleased with the outcome of the deal and with B.
Riley's excellent work on our behalf."
Steve Reiner, Managing Director
and Head of B. Riley's Consumer Group, added: "I am pleased that
Peter and FCP looked to B. Riley for advice related to the Joe's
Jeans restructuring. Peter, FCP and B. Riley worked closely with
JOEZ and Robert Graham to craft a financing solution that met each
party's interests. This transaction also capitalized on several
aspects of B. Riley's broad capabilities, including our deep
understanding of the highly entrepreneurial apparel industry,
long-standing commitment to serving leading private equity firms,
and firm-wide knowledge of the public equity markets."
About B. Riley & Co.
B. Riley & Co., LLC is a leading investment bank which
provides corporate finance, research, and sales & trading to
corporate, institutional and high net worth individual clients.
Investment banking services include initial, secondary and
follow-on offerings, institutional private placements, and merger
and acquisitions advisory services. The firm is nationally
recognized for its highly ranked proprietary equity research. B.
Riley & Co., LLC is a member of FINRA and SIPC. For more
information, please visit www.brileyco.com.
B. Riley Financial, Inc. (NASDAQ: RILY) provides collaborative
financial services and solutions through several subsidiaries,
including: B. Riley & Co. LLC, a leading investment bank and
FINRA broker dealer which provides corporate finance, research, and
sales & trading to corporate, institutional and high net worth
individual clients; Great American Group, LLC, a leading provider
of advisory and valuation services, asset disposition and auction
solutions, and commercial lending services; B. Riley Capital
Management, LLC, an SEC registered Investment Advisor, which
includes B. Riley Asset Management, a provider of investment
products to institutional and high net worth investors, and B.
Riley Wealth Management (formally MK Capital Advisors), a
multi-family office practice and wealth management firm focused on
the needs of ultra-high net worth individuals and families; and
Great American Capital Partners, a provider of senior secured loans
and second lien secured loan facilities to middle market public and
private U.S. companies. B. Riley Financial, Inc. is headquartered
in Los Angeles with offices in
major financial markets throughout the
United States and Europe.
For more information on B. Riley Financial, Inc., please visit
www.brileyfin.com.
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SOURCE B. Riley & Co., LLC