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Pryor Cashman Advises on the Sale of Camuto Group for $341m
Pryor Cashman, Interlaw's representative firm in New York, has advised Camuto Group on the sale of its operations to North American footwear and accessories retailer DSW Inc. for approximately $341m.
Camuto is a celebrated product design and brand development organization, best known for the Vince Camuto® brand and the footwear licenses of Jessica Simpson® and Lucky Brand®.
Under the deal DSW and Authentic Brands Group LLC (ABG) formed a partnership to acquire numerous intellectual property (IP) rights from Camuto Group. For its part, DSW contributed approximately $238m toward the purchase price, which includes $181m for Camuto Group's operations and $57m for a 40% stake in the IP of Camuto Group’s proprietary brands, with ABG taking the majority 60% stake.
“With the complexity, magnitude and market importance of this transaction, we are proud to have been chosen to represent Camuto Group for this pivotal sale to DSW,” said John J. Crowe (pictured above), a lead attorney on the deal.
He added: “With DSW’s resources, we expect that Camuto Group’s market presence and product offerings will significantly expand, further enhancing the company’s value premium.”
The partnership will license the brands across existing lines in footwear, handbags and jewelry to DSW, and across new product categories to non-related parties with a focus on building out each brand's lifestyle offerings. DSW will operate Camuto Group as a separate, standalone business under the current management team.
The Pryor Cashman team representing Camuto Group on the deal were partners Michael Goldberg (pictured above), co-leader of the firm’s Fashion Group, John J. Crowe, co-chair of the Corporate Group, and counsel Robert Lamonica. Partners Michael Dunworth, Michael Weinsier, Ed Rayner and Richard Frazer, counsels Rebecca Schmutter and Matthew Young, and associates Kimber Hargrove and Maraiya Hakeem also worked on the deal.