Hilco Global and TPG Angelo Gordon announced the formation of a new joint venture (JV) that will identify, acquire and finance consumer brands and IPs in partnership with Bluestar Alliance, LLC, the parent of Hurley, Justice, Scotch & Soda, and other consumer brands.
In connection with the launch, the JV has completed a series of 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.
- 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.
- Acquiring the assets and IP of the Bebe and Brookstone brands from Bebe Stores, Inc. 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 acquiring and financing additional consumer brands and IPs with Bluestar.
Bluestar’s Ralph Gindi, co-founder and chief operating officer, and Joseph Gabbay, co-founder and chief executive officer, 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 in 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.”
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 serves as legal counsel to Hilco Global. Milbank LLP serves as legal counsel to TPG Angelo Gordon. King & Spalding and Cooley LLP serve as legal counsel to Bluestar.
Image courtesy Hurley
