Hilco Global and TPG Angelo Gordon Launch Joint Venture to Invest in Consumer IP and Brands in Partnership with Bluestar Alliance

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Oct 29, 2024, 07:15 ET

NORTHBROOK, Ill. and NEW YORK, Oct. 29, 2024 /PRNewswire/ -- Hilco Global ("Hilco") and TPG Angelo Gordon today announced the formation of a new joint venture ("JV") that will identify, acquire, and finance consumer brands and IP in partnership with Bluestar Alliance, LLC ("Bluestar").

In connection with the launch, the JV has completed a series of inaugural transactions, including:

An approximately $190 million investment in a securitization transaction established by BR Brand Management, LLC, a subsidiary of B. Riley Financial, Inc. ("B. Riley"), financing certain brands managed, licensed, and co-owned by Bluestar, including Hurley, Justice, and Scotch & Soda, among others.
A co-investment with Bluestar to acquire the international luxury streetwear brand, Off-White, from LVMH. Bluestar announced its initial acquisition of Off-White in September 2024.
The acquisition of the assets and IP of the bebe and Brookstone brands from bebe stores, inc. (OTC: BEBE). Since 2018, bebe stores, inc. has owned the intellectual property assets and Bluestar has managed the bebe and Brookstone brands.

The JV will seek to continue to acquire or finance additional consumer brands and IP, alongside Bluestar.

Ralph Gindi, Co-Founder and Chief Operating Officer of Bluestar, and Joseph Gabbay, Co-Founder and Chief Executive Officer of Bluestar said, "We're thrilled that Hilco Global and TPG Angelo Gordon will be new partners in many of our brands. TPG Angelo Gordon brings significant resources and expertise investing within the consumer sector, and Hilco has an impressive track record of successfully operating and investing in brands and other consumer assets globally. We are excited to partner with these blue-chip firms and leverage our combined expertise to identify and invest in future brand deal opportunities all over the world."

Jeffrey Hecktman, Founder and CEO of Hilco Global, said, "This partnership is an exciting opportunity for Hilco, allowing us to further build on our successful legacy in the consumer brand and licensing sectors. We look forward to leveraging our extensive network and strategic relationships across the consumer-retail sector as we work with TPG Angelo Gordon and Bluestar to execute on our strategy."

As a well-known asset specialist, Hilco Global has been active in the brand and brand IP business for many years, specializing in the acquisition and repositioning of underleveraged and iconic brands, delivering strategic, operational and investment solutions to restore and reintroduce them to profitability.

Ryan Mollett, Global Head of Credit Solutions at TPG Angelo Gordon, and Jake Gladstone, Co-Head of Research within TPG Angelo Gordon's Credit Solutions business, added, "TPG Angelo Gordon has been investing in the consumer sector for many years, and we are excited to work with industry-leading partners to capitalize on attractive market opportunities in the sector. We believe combining Bluestar's licensing and operating expertise, Hilco's unique sourcing and asset capabilities, and TPG Angelo Gordon's structuring and financial expertise creates a differentiated competitor, and we are eager to grow this platform."

Weil, Gotshal & Manges LLP is serving as legal counsel to Hilco Global, Milbank LLP is serving as legal counsel to TPG Angelo Gordon, and King & Spalding and Cooley LLP are serving as legal counsel to Bluestar.

About Hilco Global
Hilco Global is a privately held diversified financial services company and the world's preeminent authority on maximizing the value of assets. Hilco delivers customized solutions to undervalued, high-potential companies to resolve complex situations and enhance long-term enterprise value. The firm delivers a unique blend of restructuring and principal investing (both equity and credit) solutions across the retail, commercial industrial, real estate, manufacturing, brand, and intellectual property sectors. For 38 years, Hilco Global has operated as a holding company comprised of more than twenty specialized business units that act as an advisor, agent, or principal in any transaction. Currently, the company has $3 Billion in assets under management. Hilco works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 900 professionals operating on five continents. Visit www.hilcoglobal.com

About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $229 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

About Bluestar Alliance, LLC
Founded by Joseph Gabbay and Ralph Gindi in 2006, Bluestar Alliance owns, manages, and markets, a portfolio of consumer brands that span across many points of distribution with a heavy emphasis on department store retail brands. With global retail sales over $9 billion, brands within the portfolio include Off-White, Hurley, Scotch & Soda, bebe, Elie Tahari, Kensie, Justice, Catherine Malandrino, Nanette Lepore, English Laundry, Brookstone, Joan Vass and Limited Too.

SOURCE Hilco Global