Authentic Brands has made a $35 million offer for Brookstone Inc, the specialty retailer that filed for bankruptcy earlier this month. Authentic’s offer is mainly for Brookstone’s brand assets and is expected to serve as a stalking horse bidder in Brookstone’s Chapter 11 restructuring. Authentic Brands is a portfolio company of Leonard Green & Partners.
MERRIMACK, N.H., Aug. 27, 2018 (GLOBE NEWSWIRE) — Brookstone® Company, Inc. today announced that Authentic Brands Group (ABG) has submitted a proposal to acquire the brand assets of the company and is. ABG is a brand development, marketing, and entertainment company, which owns, manages, and elevates the long-term value of a portfolio of global brands.
The proposal includes an expressed interest in identifying a partner to maintain and maximize Brookstone’s iconic retail business.
ABG’s bid of $35M represents a baseline bid and is subject to higher and better offers in an open auction process. Brookstone expects the auction, scheduled to take place on September 24th, to be competitive, as it continues to receive serious interest from a number of potential buyers that recognize value across the business.
“We are pleased that Authentic Brands Group recognizes the core value of our business and has made an offer for the Brookstone brand,” said Brookstone CEO Piau Phang Foo. “For now, we are focused on continuing to serve our loyal customers through our airport, e-commerce and wholesale businesses. Brookstone is a beloved, valuable brand, and we are confident that this process will maximize value for all of our stakeholders.”
Founded in 1965, Brookstone is a U.S.-based product developer and retailer of wellness, entertainment, and travel products that are fun to discover, smart to use and beautiful in design. Brookstone products are available at its 34 airport retail locations in airports throughout the U.S., online at Brookstone.com and through select premium retailers worldwide.
About Authentic Brands Group
Authentic Brands Group (ABG) is a brand development, marketing, and entertainment company, which owns a global portfolio of entertainment and lifestyle brands. Headquartered in New York City, ABG manages, elevates, and builds the long-term value of more than 33 consumer brands by partnering with best-in-class manufacturers, wholesalers, and retailers. Our brands have a global retail footprint in more than 50,000 points of sale across the luxury, specialty, department store, mid-tier, mass, and e-commerce channels and more than 4,390 branded freestanding stores and shop-in-shops around the world. ABG is committed to transforming brands by delivering compelling product, content, business, and immersive brand experiences. We create and activate original marketing strategies to drive the success of our brands across all consumer touchpoints, platforms, and emerging media. For more information, please visit ABG-NYC.com.