Gordon Brothers has sold Bench, a British streetwear brand, to Wraith. No financial terms were disclosed.
BOSTON, April 16, 2020 — Gordon Brothers, the global advisory, restructuring, and investment firm, announced today that it has successfully sold Bench, the iconic British streetwear brand to Wraith, an affiliate of Apparel Brands Limited for all territories outside of the Americas. Apparel Brands Limited is currently one of Bench’s primary European licensees.
Gordon Brothers acquired the Bench brand and all its related intellectual property assets in July 2018. The focus was put on restructuring the business into a more asset light – intellectual property-centric business model. As a result of these efforts Gordon Brothers secured several new partners in categories as diverse as casualwear, handbags, gym equipment, and workwear. Most critically, the brand’s positioning was overhauled to highlight the gritty Manchester skate culture of the 1990s. These efforts culminated in the brand’s physical return home to Manchester with the signing of Apparel Brands as one of its anchor licensees for Europe. As the business developed, it became apparent that Apparel Brands Limited was the natural owner of the brand and ideally positioned to continue its growth.
“Gordon Brothers is extremely proud to have played its part in saving one of the world’s first streetwear brands of scale,” commented Ramez Toubassy, President of Brands for Gordon Brothers. He added, “By successfully bringing our asset light business methodology to bear in this restructuring we were able to deliver a healthy business for Wraith to grow well into the future.”
“We are incredibly excited to be taking over the reins of the Bench brand outside of the Americas,” said Peter Wood, owner of Apparel Brands Limited. “With a vibrant portfolio of great partners throughout Europe and excellent awareness and customer affinity, we believe the potential for the brand is sky high,” he added.
Gordon Brothers’ Brands division values, acquires, restructures, and invests in underleveraged, distressed, or dormant intellectual property to help revive and reimagine some of the world’s most iconic brands.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.