Key Takeaways
- • Centric Brands, a manager and seller of apparel, accessories and beauty products across more than 100 licensed and owned brands, has been acquired in a management buyout led by CEO Jason Rabin, who takes a majority stake and remains chief executive.
- • The buyout group includes Axar Capital Management, M-Cor Capital, MSP Sports Capital and Group President Jarrod Kahn, with the existing management team continuing to run the company.
- • Terms of the transaction were not disclosed, so no valuation or deal size is available from the primary report.
- • Centric operates about 2,600 employees across 26 offices in North America, Europe and Asia, through three platforms: Centric Powered, Centric Ventures and Centric Collective.
Summary
Centric Brands has been sold to its chief executive, Jason Rabin, in a management buyout backed by a group of investors that includes Axar Capital Management, M-Cor Capital, MSP Sports Capital and Group President Jarrod Kahn. Under the transaction, Mr. Rabin takes a majority stake and remains CEO, and the current management team continues to run the company. Terms were not disclosed.
Centric Brands manages and sells apparel, accessories and beauty products for more than 100 licensed and owned brands. The company has about 2,600 employees in 26 offices across North America, Europe and Asia. It operates three platforms: Centric Powered, which handles operations for brand owners; Centric Ventures, which partners with founders; and Centric Collective, which acquires and manages brand intellectual property.
Among the new co-investors, Axar is a credit investor founded in 2015 that focuses on special situations in the U.S. middle market. MSP Sports Capital, based in New York, is a private equity firm that invests in sports teams, leagues and sports businesses. Its chief executive, Jeff Moorad, said the firm looks for management teams with the infrastructure to win over the long term and said it sees both at Centric.
Centric Brands manages and sells apparel, accessories and beauty products for more than 100 licensed and owned brands. The company has about 2,600 employees in 26 offices across North America, Europe and Asia. It operates three platforms: Centric Powered, which handles operations for brand owners; Centric Ventures, which partners with founders; and Centric Collective, which acquires and manages brand intellectual property.
Among the new co-investors, Axar is a credit investor founded in 2015 that focuses on special situations in the U.S. middle market. MSP Sports Capital, based in New York, is a private equity firm that invests in sports teams, leagues and sports businesses. Its chief executive, Jeff Moorad, said the firm looks for management teams with the infrastructure to win over the long term and said it sees both at Centric.
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