Fireman Capital Partners Exits Hudson Clothing
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Fireman Capital Partners Exits Hudson Clothing

hudson nfHudson Clothing, a portfolio company of Fireman Capital Partners, has signed an agreement to be acquired by Joe’s Jeans (NASDAQ: JOEZ). The purchase price for Hudson is approximately $97.6 million and will be payable in cash and convertible notes issued by Joe’s Jeans. Fireman first invested in Hudson Clothing in March 2009.

“We are proud of our partnership with Hudson and all that we have achieved together, and are pleased that Hudson has found a perfect home with Joe’s Jeans to take the company to the next stage in its development,” said Dan Fireman, Managing Partner of Fireman Capital Partners.

Hudson is a designer and marketer of women’s and men’s premium branded denim apparel. The company’s products include a core denim line as well as non-denim tops and bottoms. Hudson sells both a core collection and a premium HUDSON Collection, in addition to select collaborations. Hudson’s products are sold through national department stores, and boutique and specialty stores around the country, as well as through retailers in over 30 countries around the world. The company was founded by Peter Kim in 2002 and is based in Los Angeles (www.hudsonjeans.com).

Mr. Kim, who will remain Chief Executive Officer of Hudson, will become a member of the Joe’s Jeans Board of Directors.

Joe’s Jeans designs, develops and markets apparel products worldwide. The company’s products are sold through retailers, specialty stores, distributors and through the Internet. Brands include Best Friend, Chelsea, Cigarette, Ex-Lover, Honey, Icon Muse, Provocateur, Rocker, Socialite, Starlet, Stardust, Twiggy, Visionaire, Brixton, Classic, Outsider and Rebel. Joe’s Jeans was founded in April 1987 and is headquartered in Commerce, CA (www.joesjeans.com).

“We are extremely excited about joining forces with Hudson Jeans. Once the acquisition is complete, we expect to nearly double the size of our business, meaningfully increase our international and e-commerce penetration, and enhance our overall prospects for growth,” said Marc Crossman, President and Chief Executive Officer of Joe’s Jeans. “This deal represents a landmark event in the history of our company and we are committed to capitalizing on the many opportunities this transformative transaction will create in the marketplace.”

Fireman Capital Partners was established in 2008 under Chairman Paul Fireman and Managing Partner Dan Fireman. The firm invests in consumer products companies with revenues between $20 million and $150 million. The firm is based in Boston (www.firemancapital.com).

Threadstone Advisors, an investment bank based in New York (www.threadstonelp.com) served as financial advisor to Joe’s Jeans and investment bank Lazard Middle Market (www.lazardmm.com) served as financial advisor to Hudson Clothing on the transaction.

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-16-13

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