Zinger Key Points
- P180 acquires 65% of Vince Holding Corp. to boost growth.
- CEO transition expected, with Brendan Hoffman to lead VNCE.
- Get Wall Street's Hottest Chart Every Morning
Shares of luxury apparel company Vince Holding Corp. VNCE, are skyrocketing on Thursday.
P180, a newly established venture concentrating on expanding growth and profitability in luxury clothes, obtained a controlling interest in the firm.
Affiliates of Sun Capital Partners, Inc. executed the deal. The acquisition is expected to enhance the brand’s growth and boost its profitability.
As a result of this acquisition, Brendan Hoffman is scheduled to take over as CEO of Vince starting Feb. 3, 2025, pending the finalization of his employment terms.
David Stefko will step down from his role as Interim CEO. He will continue serving on the company's board. In addition, Matthew Garff resigned from the board in connection with the acquisition.
Also Read: PUMA Sees Growth In Q4 Sales, Warns Of Cost Cut In 2025
“VNCE is the perfect partner for P180; the brand’s dominance in the luxury contemporary market aligns seamlessly with our acquisition strategy,” said Hoffman.
“In addition, as VNCE has evolved its operating model, we believe having access to the technology and team of CaaStle, founded by Christine Hunsicker, my co-founder at P180, will further advance the company’s momentum in driving improved profitability while enhancing its omni-channel experience.”
P180 has been actively expanding its portfolio, with the acquisition of VNCE being its third major transaction since its establishment in 2024. This follows the venture’s earlier investment in Altuzarra and its collaboration with the high-end retailer elysewalker.
In conjunction with the acquisition, Vince made a notable reduction in its debt. Its subsidiary, V Opco, LLC, renegotiated its credit agreement with Bank of America to support the acquisition and alleviate subordinated debt owed to SK Financial Services, an affiliate of Sun Capital.
V Opco paid $15 million to SK Financial, which resulted in a $20 million decrease in debt. Following the deal, P180 will hold approximately 65% of Vince, while Sun Capital's affiliates maintain around 2%.
Price Action: Vince Holding shares are trading higher by 81.3% at $4.241 at the last check Thursday.
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