NexCen Acquires Waverly
May 7, 2007
NEW YORK, New York – NexCen Brands, Inc. has completed its acquisition of the Waverly brand of home furnishing from F. Schumacher & Co.
NexCen has acquired all of the intellectual property and license contracts related to the Waverly, Gramercy and Village brand products and services. NexCen paid $36.8 Million in cash and issues a 10-year warrant to purchase 50,000 shares of common stock as part of the acquisition.
The company estimates that the Waverly brand will generate about $9 million of royalty revenue and about $.07 per share of incremental EPS in the next year. Waverly was launched in 1923 by F. Schumacher & Co. and continues to offer classic styles in home furnishings through retailers and interior design showrooms across the United States.
NexCen has acquired all of the intellectual property and license contracts related to the Waverly, Gramercy and Village brand products and services. NexCen paid $36.8 Million in cash and issues a 10-year warrant to purchase 50,000 shares of common stock as part of the acquisition.
The company estimates that the Waverly brand will generate about $9 million of royalty revenue and about $.07 per share of incremental EPS in the next year. Waverly was launched in 1923 by F. Schumacher & Co. and continues to offer classic styles in home furnishings through retailers and interior design showrooms across the United States.
