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Acquisition Creates Largest Luxury "Made in North America" Tailored Clothing Manufacturer
NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Samuelsohn, the premium menswear brand based in Montreal, finalized its acquisition of the Hickey Freeman clothing assets, license and Rochester manufacturing facilities today. With the close of this landmark deal, the company becomes the largest manufacturer of luxury tailored clothing that is truly made in North America. Samuelsohn has been growing at an incredible pace over the past three years with its new management team, and by next year, is projected to be four times larger than in 2010.
"We are delighted to complete this acquisition and focus on working with the great employees of Hickey Freeman to grow the business," said Stephen Granovsky, CEO of Samuelsohn's parent company and acquirer Grano Retail Holdings. "We believe in this industry and continue to search for opportunities to expand our footprint in luxury men's apparel."
As part of the deal, Samuelsohn has acquired all of Hickey Freeman's tangible assets, including the legendary Rochester factory, from W. Diamond Group, and will enter into a 40-year license agreement with Hickey Freeman brand owner Authentic Brands Group, LLC (ABG).
"We couldn't think of a better guardian for the Hickey Freeman brand than the team at Samuelsohn and we are very pleased to have them as our core Hickey Freeman licensee for the next forty years," said Jamie Salter, Chairman and CEO of ABG.
Granovsky will serve as CEO of Hickey Freeman Tailored Clothing ("HFTC"); Arnold Brant Silverstone has been appointed President and Chief Creative Officer and Alan Abramowicz will likewise expand his role to include President and Chief Operating Officer of HFTC. All key management positions at Hickey Freeman have been retained and Silverstone expects to make key hires in the next couple of months in marketing and sales.
The company, which estimates that under their leadership Hickey Freeman will experience as much as 50% growth in the next three to five years, first announced the pending deal at their 90th anniversary event in New York City in July co-hosted by New York State Senator Charles Schumer and philanthropist Petra Nemcova.
Headquartered in Montreal, Samuelsohn, Ltd. was founded in 1923 by Lesser Samuelsohn. Re-launched as a modern luxury brand, over the past three years, Samuelsohn is currently sold in more than 250 of the finest specialty stores throughout the U.S. and Canada as well as Harry Rosen, Nordstrom and Saks Fifth Avenue. For more information, please visit www.samuelsohn.com.
About Hickey Freeman
Two young entrepreneurs named Jacob Freeman and Jeremiah Hickey built it in the early years of the 20th century. Their plan was to bring high-quality hand-tailoring to men from coast to coast. As they envisioned it, a Hickey Freeman suit would be a testament to both the delicate artistry of hand-craftsmanship and the steady consistency of modern technology. Their idea turned into an epic American success story. Men of style and achievement have, for generation after generation, turned to Hickey Freeman for authenticity and quality, elegance and innovation. They still do. The Temple - a 210,000 -square-foot factory in Rochester, New York - is where it all happens. Tailors from around the world gather in Rochester's sartorial sanctuary to set sleeves and stitch collars and roll lapels. Each tailor has a different specialty, but they all share a common goal: to create suits that represent the very pinnacle of American tailoring. For decades, anyone who stepped into the Temple saw the phrase "Keep the Quality Up" carved into the oak entryway. "Keep the Quality Up" was the Hickey Freeman motto - and its mission statement. It still is. For more information, please visit www.hickeyfreeman.com.
About Grano Retail Investments Inc.
Grano is a private investment firm that focuses on small to mid-size acquisitions in the retail, wholesale and manufacturing sectors. The Company's investments are sourced from the their own funds as well as funds from their partners who include institutional sub-debt lenders, high net worth individuals and specialized private equity investors. Founded in 2007 by Stephen Granovsky and Lawrence Pollack, the leadership team, which includes Stephen, Lawrence, and Naomi Levinson, has over 100 years of combined experience in retail, consumer businesses and transaction financing. For more information, please visit www.granoretail.com.
About Authentic Brands Group, LLC
Authentic Brands Group, in partnership with Leonard Green & Partners, is an intellectual property corporation with a mandate to acquire, manage and build long-term value in prominent consumer brands. Headquartered in New York City, ABG's mission is to further enhance brand equity through partnering with best-in-class licensees and direct-to-retail partnerships. ABG brands include Marilyn Monroe®, Juicy Couture®, Judith Leiber®, Adrienne Vittadini®, Taryn Rose®, Hickey Freeman®, Hart Schaffner Marx®, Palm Beach®, Misook®, Prince®, Spyder®, Ektelon®, Viking®, Bobby Jones®, TapouT®, Sportcraft®. www.abg-nyc.com.
Valerie Donati or Lauren Frisch
Brand Building Communications
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