Lucky Brand Jeans has been sold by Fifth & Pacific Companies to LA-based private-equity company Leonard Green Partners to the tune of $225 million.
The deal involves a $140 million cash payment and $85 million in a three-year seller note which carries $8 million a year interest plus another $417,000 a month interest for a maximum payment upon maturity of $100 million.
The apparel company has also recently sold the intellectual property rights for its Juicy Couture. It will now solely focus on its lone label, Kate Spade.
The deal for Lucky Brand is expected to close early in 2014.