Iconix Brand acquires 51% interest in Buffalo brand Iconix Brand Group announced that it has acquired a 51% interest in the Buffalo David Bitton brand from Buffalo International ULC, owned by David Bitton and his brothers. To acquire the trademark, Iconix formed a new joint venture company with Buffalo International ULC. Iconix will control this joint venture and consolidate its results. Buffalo International ULC will be the core licensee for the new joint venture. For its 51% interest in Buffalo, Iconix paid $76.5M in cash. On an annualized basis, the company expects the Buffalo brand to generate approximately $25M in royalty revenue with an EBITDA margin of approximately 75-80% for the new joint venture.
News For ICON From The Last 14 Days
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On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Aeropostale (ARO) downgraded to Sell from Hold at Brean Capital... AIG (AIG) downgraded to Neutral from Buy at Goldman... Alpha Natural (ANR) downgraded to Sell from Neutral at Goldman... American Eagle (AEO) downgraded to Market Perform from Outperform at Wells Fargo... Coach (COH) downgraded to Market Perform from Outperform at Wells Fargo... Iconix Brand (ICON) downgraded to Hold from Buy at Brean Capital... International Rectifier (IRF) downgraded to Market Perform at JMP Securities... Mettler-Toledo (MTD) downgraded to Hold from Buy at Jefferies... TJX (TJX) downgraded to Market Perform from Outperform at Wells Fargo... Tiffany (TIF) downgraded to Market Perform from Outperform at Wells Fargo... North American Palladium (PAL) downgraded to Market Perform at Raymond James... Ducommun (DCO) downgraded to Neutral from Buy at B. Riley... International Rectifier (IRF) downgraded at JMP Securities... Hologic (HOLX) downgraded to Buy from Strong Buy at ISI Group... Ruckus Wireless (RKUS) downgraded to Neutral from Buy at Lazard Capital.
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