Authentic Brands Group is postponing its planned initial public offering thanks to a couple of new deep-pocketed partners.
He said he remains the largest individual shareholder in the company, but the private equity firms have bigger stakes. All told, ABG’s management team retains around a 20 percent interest.
Without the scrutiny of the Securities and Exchange Commission, which would have been the case as a public company, Salter said: “We’re free to do whatever we want. We just made a deal for Iconic Images last week andcloses on Feb. 28. And we expect to make a significant acquisition before the end of of the year.”
“The investments from CVC Capital and HPS Investment Partners are a strong vote of confidence in ABG’s long-term vision and strategic approach,” said Nick Woodhouse, president and chief marketing officer of ABG. “We are primed to continue furthering our global presence, acquiring new entertainment and lifestyle brands and driving organic growth for our portfolio.”
“We have followed ABG’s success story for several years and are delighted to be partnering with the company and its investor group,” said Chris Stadler, a managing partner at CVC. “The power of the ABG platform is evident in its growth to date, and we believe the company is only beginning to realize the full benefit of its scale and diversification. We look forward to working with Jamie, Nick and the talented team at ABG to create even greater value together.
In August 2019, BlackRock became the largest shareholder in ABG when it invested $875 million through its Long Term Private Capital arm.
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