Sequential Brands Group has sold the Ellen Tracy and Caribbean Joe brands to GMA Group for a total of $20 million, according to a regulatory filing.
Sequential Brands used the bulk of the proceeds to make a $19.6 million payment on its Bank of America revolver loan.
Last December, Sequential Brands announced that its Board of Directors had relaunched a “broad exploration of strategic alternatives, including the sale of the company or the divestiture of one or more existing brands.”
On July 19, Sequential Brands sold its 65 percent interest in DVS Footwear to Elan Polo International Inc. for $2 million in cash. On April 26, it reached a deal to sell Heelys to BBC International, which had been licensing the brand, for $11 million. Other brands owned by Sequential Brands include AND1, Gaiam, SPRI, Avia, Jessica Simpson, William Rast, Caribbean Joe, and The Franklin Mint.
Photo courtesy Caribbean Joe