Monday04 Feb 10:14 AM
Claiborne Sells Prana Back To Founders
Liz Claiborne Inc. sold active brand Prana for $36.5 million (+$4 million or so depending upon 2008 performance) to Prana Living LLC, a company formed by Prana's management team, and Steelpoint Capital Partners, a private equity firm with a portfolio that includes Kidrobot and Tasti D-Lite... Claiborne is to receive $18.1 million in cash after settling a contingent earnout of $18.4 million owed to Prana's founders, who reinvested the money in the buyout. All of the estimated 80 staffers on the Prana team will stay. Link. -[SA]
