Vince Holding Corp.’s $84 Million Acquisition of Rebecca Taylor and Parker

Ropes & Gray LLP acted as counsel to the special committee of the Vince’s board of directors, which reviewed, negotiated and approved the acquisition.

Vince Holding Corp. (NYSE: VNCE) completed the acquisition of Rebecca Taylor and Parker. Rebecca Taylor and Parker are contemporary women’s brands distributed to high-end department and specialty stores worldwide as well as through their own branded e-commerce sites and in six Rebecca Taylor retail locations.

Combined net sales for Rebecca Taylor and Parker totaled approximately $84 million for the twelve-months ended February 2, 2019.

Total cash consideration was $19.7 million reflecting the payoff of $19.2 million of outstanding debt obligations under the credit facility of the Acquired Businesses and $0.5 million of compensation expense. On the closing date, the assets of the Acquired Businesses included $0.7 million of cash. Vince funded the purchase with cash utilizing its existing revolving credit facility, which was increased by $20 million to $100 million simultaneously with the Acquisition. No changes to covenants were associated with the increase in the revolving credit facility.

Established in 2002, Vince Holding Corp. is a global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day.

Founded in 1996 in New York City, Rebecca Taylor is a high-end women’s contemporary lifestyle brand inspired by beauty in the everyday.

Founded in 2008 in New York City, Parker is a contemporary women’s fashion brand with high perceived value.

The Ropes & Gray team advising the Special Committee was led by mergers & acquisitions partner Jane Goldstein (Boston; Picture), and included counsel Erica Han (Boston), and associates Amanda Richey (Silicon Valley) and Rebecca Hadad (New York).

Involved fees earner: Jane Goldstein – Ropes & Gray; Rebecca Hadad – Ropes & Gray; Erica Han – Ropes & Gray; Amanda Richey – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Vince Holding Corp – Special Committee of the Board of Directors;