Neuberger Berman has closed a new fund – Marquee Brands Partners LP – at $462 million. The fund was oversubscribed and exceeded its $400 million target. Investors in the new fund include more than 20 institutions, including public and private pensions, insurance companies and foundations from North America, Europe, the Middle East and Japan.
The fund will be used for consumer brand acquisition, licensing and management. Sectors of interest include US and European brands in the apparel, footwear, accessories, health & beauty, entertainment, food & beverage and home products sectors. The fund has already closed on two acquisitions: In February 2015 it acquired Bruno Magli, the luxury Italian footwear brand, and in July 2015 it acquired Ben Sherman, the iconic British fashion brand.
Marquee’s investment team is led by Samuel Porat, a Managing Director of Neuberger Berman, and Zachary Sigel, a Principal of Neuberger Berman. The operating arm of Marquee is led by Michael DeVirgilio, President, and Cory Baker, Chief Operating Officer. Both teams are based in New York (www.marqueebrands.com).
“We believe that Marquee’s strategy of acquiring leading consumer brands with strong growth opportunities provides our investors with a potential attractive source of yield and capital appreciation,” said Mr. Porat. “Our investors, faced with twin challenges of a volatile market and persistently low-rate environment, are seeking alternative sources of income and return and intellectual property such as consumer brands can benefit their investment portfolios.”
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. In January 2016 Neuberger Berman closed NB Strategic Co-Investment Partners III LP at its hard cap of $1.5 billion and surpassed its target of $1.25 billion. The firm has offices in 18 countries and is headquartered in New York (www.nb.com).
“We look forward to continuing to build a diversified portfolio of high-quality brands that we can grow organically through marketing, geographic expansion and new products,” said Mr. Sigel. “We believe the large committed capital base from our investors, Neuberger Berman’s global network, and our strong management team makes Marquee one of the best capitalized and strategically positioned competitors in the consumer brand acquisition, licensing and management business.”
© 2016 Private Equity Professional • 2-12-16