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HMX, AUTHENTIC DEAL DONE: Authentic Brands Group’s $72 million deal to acquire the intellectual property assets of bankrupt HMX Group and spin off the operating arm to W Diamond Group closed Friday. According to a source, the brands under HMX’s umbrella had a valuation of $40 million based on the structure of the transaction. Those brands include Hart Schaffner Marx, Hickey Freeman, Exclusively Misook and Christopher Blue. Doug Williams, the former chief executive officer of HMX, now heads up W Diamond Group.
On Dec. 17, Authentic Brands won the bid to acquire HMX, and Manhattan bankruptcy court approved the deal two days later. Salus Capital Partners is providing the financing to the new firm.