Jones Apparel Acquires Robert Rodriguez Fashion Brand
Jones Apparel Group Inc. (Jones) announces that it has acquired Moda Nicola International LLC (MNI), owner of the Robert Rodriguez Collection, a privately held designer, marketer and wholesaler of women's contemporary eveningwear and sportswear. MNI generated net revenues of approximately $17 million for the year ended Dec. 31, 2009.
The transaction is valued at approximately $28 million. Under the terms of the agreement, Jones made initial cash payments to the selling members of MNI, who are entitled to receive future cash payments upon achievement of certain financial targets set within the agreement. The transaction is expected to be accretive to earnings, prior to any required purchase accounting adjustments and closing costs.
Wesley Card, president and chief executive officer, Jones Apparel Group, says, "Robert Rodriguez is a highly talented and experienced designer and we are excited to welcome Robert and his associates into our family of brands. We believe that now is the right time to be making an acquisition as our core brands and organization are strong, and we are well-positioned for a new phase of growth. Robert Rodriguez will increase our presence in the contemporary market."
The transaction is valued at approximately $28 million. Under the terms of the agreement, Jones made initial cash payments to the selling members of MNI, who are entitled to receive future cash payments upon achievement of certain financial targets set within the agreement. The transaction is expected to be accretive to earnings, prior to any required purchase accounting adjustments and closing costs.
Wesley Card, president and chief executive officer, Jones Apparel Group, says, "Robert Rodriguez is a highly talented and experienced designer and we are excited to welcome Robert and his associates into our family of brands. We believe that now is the right time to be making an acquisition as our core brands and organization are strong, and we are well-positioned for a new phase of growth. Robert Rodriguez will increase our presence in the contemporary market."
