Genuine Manufacturers cabinets IPO, to promote $12.7 billion stake to traders

Jamie Salter, CEO of Authentic Brands Group.

Source: Authentic Brands Group

The retail group Authentic Brands Group plans to have a planned IPO and instead sell significant stakes in its business to a private equity firm CVC capital, Hedge fund HPS investment partner and a pool of existing stakeholders.

The deal valued the company at an enterprise value of $ 12.7 billion and was announced Monday.

Authentic Brands’ portfolio companies include apparel retailers Forever 21 and Aeropostale, department store chain Barneys New York, men’s suit maker Brooks Brothers and Sports Illustrated magazine. The sneaker manufacturer Reebok is to be bought early next year expected to be closedto add another brand to its holdings.

The company had IPO applied for in early July. However, Jamie Salter, chief executive of Authentic Brands, said the company will now aim for an IPO in 2023 or 2024. He said he has committed to serving as CEO for another five years.

“The IPO climate is ridiculous,” said Salter in a telephone interview. “I think we would have gotten a massive rating … maybe even more than what we sold the business for. But guess what? I’d rather be private.”

In the last few months a wave of retail companies has entered the public market – eyewear manufacturers Warby Parker and fashion rental platform Rent the runway to the environmentally friendly shoe brand Allbirds and e-commerce fashion site Lulus. Investors have preferred names that have a strong presence on the internet, which some believe Collecting reviews as if they were high-growth tech companies.

CNBC reported that Authentic Brands was aiming for a valuation of approximately $ 10 billion on its public debut.

The transaction with CVC and HPS is expected to close in December this year. At this point in time, the PE company and the hedge fund each retain a seat on the Board of Directors of Authentic Brands.

“We plan to work closely with the ABG team to implement its strategic priorities, particularly with regard to international expansion,” said Chis Baldwin, managing partner at CVC.

BlackRock will retain its position as the largest shareholder in Authentic Brands, which it has held since 2019, the company said. Existing investors including US mall owners Simon Property Group, General Atlantic, Leonard Green & Partners, Brookfield and basketball star Shaquille O’Neal will maintain their equity positions.

When it went public, Authentic Brands reported that its net income increased from $ 72.5 million a year ago to $ 211 million in 2020, while sales rose about 2% to $ 489 million is.

“We have the same playbook today as we did yesterday,” said Salter. “You will hear about more acquisitions by the end of this year.”

CVC recently closed a deal to buy Unilever’s tea business. The company’s other portfolio companies include streetwear brand A Bathing Ape and the animal goods chain Petco, according to his website. HPS was spun off from JP Morgan Asset Management in 2016.

Hedge fund sells stake in Trump SPAC agency DWAC after merger information

At least one hedge fund has its stake in the SPAC. sold Digital World Acquisition Corp. after The company announced plans to merge with the social media company planned by the former president Donald Trump.

Lighthouse Investment Partners, one of at least nine hedge funds that hold shares in Digital World Acquisition, abandoned its stakes in this particular acquisition company after learning of its merger with Trump’s Venture, the fund told CNBC on Friday.

Lighthouse owned 3.2 million shares, or 11.2% of the SPAC, according to a government filing dated Sept. 30.

“Lighthouse was unaware of the upcoming merger and no longer holds unrestricted shares in SPAC,” the fund said. When asked if Lighthouse had benefited from its DWAC investment, the company said it would not comment.

The sell-off came when DWAC saw that a huge surge in stock price on Thursday following the merger news.

DWAC shares up more than 100% on Friday after the share price more than quadrupled in the previous session.

It’s not clear whether the hedge fund was sold to capture profits from its stake in DWAC or whether it was concerned about the risk of being associated with Trump, who was twice indicted and accused as president of the fatal one For instigating the January 6th Capitol Rebellion among his followers.

The social media app is developed by the Trump Media and Technology Group (TMTG).

Rafael Henrique | LightRakete | Getty Images

SPACs, also known as blank check companies, are formed to raise capital from the public stock markets and then use that cash to merge with a private company that has or will have an actual operating business.

The shares of this merged company will then be traded under the stock market ticker created by SPAC.

Investors in SPACs are generally unaware of the identity of the other company being considered for a merger.

Among the other hedge funds listed as major DWAC shareholders in September, DE Shaw owned 8% of SPAC, or 2.4 million shares, while ARC Capital held nearly 18%, or 6.6 million shares.

Other funds that held stakes in the last month prior to the announcement of the merger were Saba Capital Management, Highbridge Capital Management, Lighthouse Investment Partners, K2 Principal Fund, ATW Spac Management, Boothbay Fund Management, and RG Capital Management.

Highbridge Capital Management and ATW Spac Management declined to comment when asked if they would keep shares in DWAC, and the rest of the hedge funds did not immediately respond to CNBC’s requests for comment.

Another fund listed as a major DWAC investor is ARC Global Investments II, LLC.

The executive member of ARC Global is listed in a government filing as Patrick Orlando, who is also the CEO of DWAC.

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In an 8-K filing with the Securities and Exchange Commission on Thursday, DWAC announced that it had entered into an agreement and merger plan with DWAC Merger Sub Inc., a wholly owned subsidiary of DWAC, and Trump Media & Technology Group ARC Global Investments II.

Trump’s company, the previously unstarted Trump Media & Technology Group, said in an announcement on Wednesday that his “mission is to create a rival for the liberal media consortium and to fight back against the ‘big tech’ companies of Silicon Valley that have used their one-sided power to silence opposing voices in America.”

Trump was banned from Twitter, his favorite social media platform, and Facebook earlier this year after he was accused of sparking the Capitol invasion.

A top post on the WallStreetBets forum on Friday revealed what the user’s stock portfolio looked like and touted daily winnings of over $ 10,000 from wagering on DWAC. The post calling the former president “Daddy Trump” quickly drew more than 800 comments.

This is the latest news. Check back for updates.

Home Republicans shut cash hole with majority at stake

“Our managers set records. And our members – especially these freshmen – have these $ 500,000 to $ 1 million reports released just a few years after a big Republican report that was usually around $ 250,000, “said Rep. Tom Emmer ( R-Minn.), Chairman of the National Republican Congressional Committee.

The GOP had some productive fundraising drives last quarter: The Reps. Young Kim (R-Calif.) And Brian Fitzpatrick (R-Pa.) Both cleared $ 1 million. Representatives Nancy Mace (RS.C.), Lauren Boebert (R-Colo.) And Ashley Hinson (R-Iowa) raised over $ 850,000. All but Fitzpatrick are members of the 2020 Freshman Class.

Of course, the House of Representatives still publish massive quarterly numbers. And the reallocation process makes it harder to know which incumbents will need large war chests. But Republicans are seeing a new wave of financial support in the sideline, and as Democrats recognized in 2018, it is often one of the earliest signs of basic enthusiasm and successful outreach for the majority.

“In 2018, we are putting a lot of emphasis on candidate development, candidate money, and the ability to empower candidates to tell their stories,” said Dan Sena, former Democratic Congress electoral committee executive director. “That was a key reason why we were able to recapture the house.”

“What Democratic strategists and the upcoming Democratic campaigns should be aware of is that it now looks like Republicans are doing the same,” added Sena.

Another sign of the GOP’s momentum: the National Republican Congressional Committee has overtaken the Democratic Congress Campaign Committee on fundraising, outperforming the DCCC by $ 8 million in the first six months of 2021. At this point in the 2020 cycle, House Democrats had outperformed Republicans by over $ 17 million.

The NRCC attributes this success in part to their painstaking and longstanding efforts to build a digital operation.

In interviews, Emmer often recalls a moment in early 2019 when a top committee digital strategist wrote him a memo urging him to invest heavily in small-dollar fundraising. That strategist, Lyman Munschauer, predicted that after one year the NRCC would suffer a net loss of 3 to 5 percent on this investment before making any profit.

But the benefits came even faster: the NRCC started making money within a year, and it kept pouring in.

In the second quarter of 2019, the NRCC raised $ 3.3 million online. More than $ 14.1 million was raised during the same period this year.

“This time we’re even more aggressive,” said Emmer. “Yes, this investment is paying off.”

WinRed, the GOP online fundraising platform created as an alternative to the Democrats’ ActBlue, launched in a similar fashion and has raised $ 2.3 billion since its inception in 2019.

“Your average Democrat who rules is now all about digital money,” said WinRed President Gerrit Lansing, noting that ActBlue was founded in 2004. “We just have to complete this 15-year cultural change and just try to condense it in a few cycles to catch up.”

For the GOP, this stroke of luck comes at a crucial time. When corporate PACs announced they were cutting their donations in the aftermath of the January 6 riot, there were concerns that would disproportionately hit Republicans, who are sometimes more reliant on these gifts.

“We’re all online-based now,” Lansing said of his party. The shift took place years ago, but “the fruits of that labor are really starting to materialize. And it happened to coincide with this giant company’s PAC cage-rattle situation. So it’s ironic.”

Perhaps more importantly, WinRed helped Republicans redirect the wealth to new candidates, especially Downballot. Of the $ 131 million raised on the platform in the second quarter, nearly 40 percent came from first-time donors for a single campaign.

Some of the party’s most dexterous fundraisers are able to move their supporters to other candidates. For example, Rep Elise Stefanik (RN.Y.), who has raised over $ 1 million every quarter since she was revealed in Trump’s first impeachment trial, has shared 150,000 donors since the beginning of the 2020 cycle.

All of this has fueled a digital-first mentality among Republicans that has long dominated the Democratic political ecosystem, which some in the GOP attribute to their current freshman class, younger, more tech-savvy, and less used to face-to-face fundraising than fundraising longer term

“We started building our digital programming early,” said Hinson, who served as the Cedar Rapids TV news anchor before turning his seat in 2020. “I like doing digital fundraising. I am a person who is right in front of the camera. “

Filming online advertisements has helped her connect with voters and donors, Hinson said. “We use Facebook ads a lot for our digital fundraising and we’ve got great feedback from the comment sections on those ads.”

And like the NRCC, GOP campaigns seem more comfortable with the idea of ​​spending money to make it. Hinson, along with some of the party’s biggest fundraisers like Kim, Steel, and Mace, spent well over $ 300,000 in the last quarter – a higher sum than was the norm a year and a half before the election.

All of them have made significant investments in fundraising advice, digital marketing, and web advertising, according to their FEC reports.

Still, Democratic incumbents retain a significant cash-on-hand advantage, especially those like Reps. Josh Harder (D-Calif.), Mikie Sherrill (DN.J.) and Antonio Delgado (DN.Y.) who did not face particularly competitive re-elections in 2020 and have well over $ 4 million in the bank. Rep. Katie Porter (D-Calif.) Has a staggering $ 12.9 million with her.

And some agents were privately relieved of the small booty of some highly touted Republican challengers. GOP State Senator Jen Kiggans from Virginia raised just $ 286,000 for her run against MP Elaine Luria (D-Va.). And Navy veteran Tyler Kistner raised just $ 279,000 for his rematch with Rep. Angie Craig (D-Minn.). Although these challengers didn’t hit the market until mid-April, both incumbents raised far more than twice as much.

However, some of the money also went to GOP challengers. Republican Derrick Van Orden surpassed incumbent Wisconsin MP Ron Kind by $ 754,000 to $ 409,000.

However, in the coming quarters, Republicans face an additional hurdle: potential challengers dragging their feet and waiting for the delayed redistribution process to begin.

“I hope more candidates will fill in soon and not wait for new district lines,” said Dan Conston, president of the Congressional Leadership Fund, a top GOP super PAC. “Because this condensed calendar is going to be a huge challenge for you to raise funds online and raise funds for big dollars.”

Nordstrom takes stake in four Asos style manufacturers to win youthful customers

A woman can be seen shopping at ASOS, the online fashion store, on a laptop.

Dinendra Haria | SOPA pictures | LightRakete | Getty Images

Nordstrom said on Sunday that it has acquired a minority stake in four clothing brands owned by British online fashion house Asos.

The brands – Topshop, Topman, Miss Selfridge, and activewear label HIIT – are all aimed at younger consumers in their twenties. Financial terms of the deal were not disclosed.

Pete Nordstrom, President and Chief Brand Officer of Nordstrom, said he sees the collaboration as an opportunity to redefine the business model of a wholesaler like Nordstrom working with a retailer. He also expects the possibility of further strategic partnerships in the future.

While Asos retains operational and creative control of the Topshop brands, Nordstrom will own the exclusive retail rights for Topshop and Topman across North America.

“By making the Asos brands, including Topshop and Topman, available to our customers, we can create new and excitement,” said Pete Nordstrom in a statement.

The department store has been the exclusive distributor of Topshop and Topman in the USA since 2012. Nordstrom will now be the only stationary location for these brands worldwide.

As of this fall, customers can also pick up online orders from Asos at all Nordstrom and Nordstrom Rack locations, the companies said.

Asos acquired Topshop, Topman, Miss Selfridge and HIIT in February. The brands were put on the block after the Arcadia Group, the British retail empire run by billionaire Philip Green for 18 years, Filed for bankruptcy protection At the end of last year. Bans put in place during 2020 due to the pandemic dealt a heavy blow to Arcadia, which operated hundreds of stores. Asos, on the other hand, had a purely online business model.

Nordstrom is looking for ways to get its existing customers to return to shopping regularly while reaching out to people who have never visited its stores or website before. It has the potential to weather the pandemic – especially since many people are returning to work and school and need brand new wardrobes.

The company hopes Nordstrom will reach a younger generation of buyers with growing purchasing power by offering exclusive products from Topshop, Topman, Miss Selfridge and HIIT.

It could use a boost too. Nordstrom didn’t top its earnings before the pandemic. For the three month period ending May 1st, sales decreased by 13% compared to 2019. Increased labor and shipping costs as well as interruptions in the supply chain have put the business under further pressure.

Nordstrom shares are up about 15% since the start of the year. The company has a market capitalization of $ 5.7 billion.

Dale Ventures acquires majority stake in X-Golf Leisure | Information

Dubai, United Arab Emirates, May 25, 2021 / PRNewswire-PRWeb / – Global investment firm Dale Ventures has acquired a majority stake in Dubai-based X-Golf entertainment and will assist the pioneering company in launching its flagship urban golf club venue later this year.

X-Golf’s technology was developed in South Korea in 2005 and has since changed the world of virtual sports. With more than 15 years of research and development, participants can use the company’s golf simulators to play 18 holes on the world’s best courses with an accuracy of 98 percent in ball flight simulation. This market-leading accuracy is also combined with swing analysis software that allows the simulators to be used as precision training tools and for private golf lessons.

Thousands of simulators have been sold worldwide in the past decade. In the United States, X-Golf America celebrates the opening of its 29th franchise company, offering sports, drinks and entertainment for amateurs and professionals alike. The company is slated to open a further 21 venues by the end of 2021.

Following this, X-Golf Entertainment has an ambitious vision for growth around the world middle Eastwith the plan to launch the region’s first major urban golf club and sports bar, as well as a fleet of luxury residential and commercial projects in the hospitality and tourism industries. Dale Ventures’ investment will enable the company to realize its vision and capitalize on the increasing popularity of the sport in the EU middle East.

“X-Golf made it possible to play the sport from anywhere and in any weather at any time.” Dale W. Wood said. “I’m an avid golfer myself, I know the game’s draw all too well and I believe that X-Golf’s stunning simulators and exciting environments will help change what it means to play in your free time.”

In 2020, 33% of US golfers participated exclusively in off-course golf activities at locations like X-Golf and TopGolf. This growth significantly outpaced the growth in attendance on the pitch. This statistic increases significantly when it comes to the younger generation, 46% of whom have participated in the game outside of the course. The steadily growing demographic and global reach of the sport has put X-Golf Entertainment at the forefront of an industry with growth potential. Factors such as an unprecedented development boom in the middle EastAn emphasis on recreational activities and the stifling heat of the area have put X-Golf on the road to success as its growth continues.

“X-Golf is playing an important role in modernizing the sport and entertaining a new generation of players and” competitive “socializers.

The support of Dale Ventures through our new partnership will enable us to take full advantage of the opportunities that present themselves. It’s an exciting time ” Madeleine Curran, Joint Managing Director, X-Golf Entertainment

About Dale Ventures

Dale Ventures is a personal investment holding group founded by the serial investor Dale W. Wood. The company works with management teams to provide the essential strategic and analytical resources needed to build and grow remarkable businesses. Dale Ventures took a consultative approach that leverages the power of innovative teams to generate breakthrough ideas, tactics and strategies that drive growth and create long-term value.

More information about Dale Wood and his projects please visit https://www.Dale.com and Dale Ventures Facebook page.

Media contact

Naveen Joshi, Dale Ventures, 1 3302491179, info@dale.com

SOURCE Dale Ventures

Invoice Ackman reveals 6% stake in Domino’s Pizza, shares soar

Billionaire investor Bill Ackman said Wednesday his hedge fund had built a 6% stake Dominos pizzaand exchanged his Starbucks Bet.

Ackman revealed that Pershing Square had sold Starbucks after the coffee chain quickly recovered from the pandemic. At the same time, he took up Dominos stocks after a pullback.

“We sold Starbucks. It came at a price where it was difficult to get the excess returns we’d like to deserve … The stock just rallied too quickly,” Ackman said during the Future of Everything festival on Wall Street Journal.

The investor said that for a brief moment, Domino’s stock “fell dramatically for reasons we didn’t understand and we were able to swap Starbucks for Domino’s pizza.” He said he started buying for around $ 330 a share.

“We didn’t get as much as we’d like, but we own a little less than 6%,” added Ackman.

The hedge fund manager has been betting heavily on the return of the restaurant, retail and hotel industries. His top positions at the end of 2020 included Lowes, Hilton, Restaurant brands and Chipotle.

Domino’s Pizza stocks rose more than 3% to their daily high of around $ 435 apiece after Ackman’s remarks. Starbucks stock fell 2.3% on Wednesday.

Pershing Square owned more than $ 1 billion worth of Starbucks late last year. After hitting a pandemic low in March 2020, Starbucks shares quickly returned, ending the year more than 20%.

Ackman said he was optimistic about Domino’s landmark moves in terms of technology and delivery. The stock is up more than 13% in 2021.

“Domino’s is a pure franchise company and, interestingly, they were the first to invest in technology and delivery,” he said. “They own their delivery infrastructure and do not have to rely on the world’s DoorDashes.”

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NBA legend Dwyane Wade buys possession stake in Utah Jazz

Dwyane Wade # 3 of the Miami Heat blows on his hand during the team’s shooting prior to the game against the Utah Jazz at Vivint Smart Home Arena on December 12, 2018 in Salt Lake City, Utah.

Chris Gardner | Getty Images

Dwyane Wade, 13-time NBA All Star and three-time NBA Champion, is joining Utah Jazz’s group of owners, the jazz announced on Friday.

The terms of the transaction were not disclosed.

Wade will join the group of owners led by tech entrepreneur and Qualtrics founder Ryan Smith and his wife Ashley, who acquired a controlling interest in Utah Jazz in late 2020.

“Shortly after Smith acquired Utah Jazz, he and Wade began talks about Wade joining the Utah Jazz Ownership Group and Smith Entertainment Group (SEG), the first of many joint business ventures,” a Utah statement said Jazz.

“As a kid from the south side of Chicago, this partnership goes beyond my wildest dreams of basketball and I hope to inspire the next generation of dreamers,” Wade said in a statement.

Wade joins a growing list of current and retired athletes who have invested in sports teams around the world. Earlier this week, former Yankees star Alex Rodriguez joined former Walmart e-commerce CEO Marc Lore Buy the Minnesota Timberwolves for $ 1.5 billion.

Correction: Updated this story to remove any mention that Smith’s group of owners is the youngest in the NBA.

Airtel Africa sells $200M cellular cash enterprise stake to TPG’s Rise Fund – TechCrunch

In February the telecommunications listed in London, Airtel Africasaid it plans to sell a minority stake in its mobile money business to raise cash and sell some assets.

The company appears to have found an investor when it announced this The Rise Fund, the investment firm’s global impact investing platform TPGwill invest $ 200 million in its mobile cash arm.

With the investment, the mobile money business – Airtel Mobile Commerce BV (AMC BV) – will be valued at $ 2.65 billion. AMC BV is a subsidiary of Airtel Africa and the holding company for several Airtel Africa mobile money transactions in 14 African countries including Kenya, Uganda and Nigeria.

AMC BV says the holding company will take advantage of the investment Reduce debts and invest in network and sales infrastructure in the respective operating countries. The deal will close in two tranches – $ 150 million invested on the first close and $ 50 million to be invested close on the second.

After the conclusion of the contract, Airtel Africa will continue to hold a majority stake in the company and is also looking into the possibility of going public within the next four years.

“Our markets do it considerably Market potential for mobile money services to meet the needs of tens of millions of customers in Africa who have little or no access to banking and financial services, and this demand is driving growth, ”said the CEO of Airtel Africa Raghunath Mandava said. “With today’s announcement we have to be glad We welcome The Rise Fund as an investor in our mobile money business and as a partner to help us realize the full potential of the considerably Opportunity to bank the Unbanked across Africa. ”

Airtel Mobile Money Business, one of the many players driving financial inclusion across the continent, offers a range of services. These include deposits and withdrawals for mobile wallets, payments for merchants and traders, credit transfers, loans and savings, virtual credit cards and international money transfers.

TypicallyThese services are available in all countries of operations with the exception of Nigeria. In the West African country, Airtel has embarked on a partnership with local banks, but has now applied for its own mobile banking license.

In its latest results for the third quarter of 2020, Airtel Africa testified a year-over-year revenue growth of 41.1% to $ 110 million, largely driven by a 29% growth in customer base to 21.5 million and a 9.7% ARPU growth. Transaction value increased 53% to $ 12.8 billion ($ 52 billion year-on-year) and underlying EBITDA was $ 54 million ($ 216 million year-on-year) on a margin of 48.7% ..

AMC BV benefits from a strong offline presence of kiosks, mini-shops and agents connected to the core telecommunications business. And meTo drive growth this year, the company has partnered with Mastercard, Samsung, Standard Chartered Bank and WorldRemit, among others, to expand both the reach and depth of its mobile money offering.

Yemi Lalude, a partner at TPG who leads Africa investments for The Rise Fund, said telecommunications is the gap between traditional financial institutions and the millions of Africans, given that financial inclusion is a global problem most acute in Africa closes without bank details.

“We look forward to working with Airtel Africa to improve mobile money services, expand use cases and enter new markets. With this investment in Airtel Africa’s mobile money business, we have are excited to expand the Rise Fund’s global fintech portfolio and further deepen our focus on improving financial inclusion in Africa and around the world, ”she said.

Last year TPG did more than $ 5 billion in assets under management invested $ 600 million in Reliance Jio. The telecommunications operator is a competitor to Airtel Africa’s parent company, Bharti Airtel. This is an interesting detail, even though the two systems address different markets.