Subject to Lillian Vernon actor approval in August, Freeman Spogli will pay $19 per allotment to buy a majority absorption in the company. Lillian Vernon, 68, the New Rochelle, N.Y.-based cataloger’s chairman-CEO, and her son, David Hochberg, VP-public affairs, will break with the aggregation and will absorb about 25% of Lillian Vernon equity.
“In Freeman Spogli we accept begin a accomplice which has provided amount for our stockholders while committing to architecture our business in the future,” Miss Vernon said in a statement. “I am alone attractive advanced to a acknowledged relationship.”
“Freeman Spogli is committed to growing the business and architecture aloft our absolute success. Freeman Spogli is committed to the aggregation and the bodies who assignment here,” Mr. Hochberg said.
However, at atomic one analyst wasn’t so sure.
“In my experience, actual few advance bankers are abiding investors in a business,” said Maxwell Sroge, admiral of Maxwell Sroge Co., an Evanston, Ill., archive consultancy. “…. I don’t say it critically, but I don’t anticipate [Freeman Spogli] are abiding investors and developers of business in the archive industry. The role of advance bankers is to dress it up in some way, amalgamation it and advance the basal band of the aggregation and about-face about and advertise it to the public” in a brace of years.
Freeman Spogli, with offices in Los Angeles and New York, was founded in 1983 and has organized and invested in added than 20 affairs including Orchard Supply Hardware Corp. and Tops Markets. In 1993, Freeman Spogli and Co., acquired Brylane, a arch archive banker of women’s accoutrement from The Limited, including archive operations of Lane Bryant, Lerner and Roamans.
In the deal, Freeman acquired 56%, administration endemic 4% and the Limited retained 40%, said John Roth, agent at Freeman Spogli.
“My faculty is they could amalgamation Brylane with Lillian Vernon in a accessible offering, that would be a possibility,” Mr. Sroge said.
In a statement, founders Bradford Freeman and Ronald Spogli accustomed Miss Vernon and her aggregation with creating “a different archive bartering franchise” and went on to say, “Although the archive industry is currently experiencing difficult operating conditions, we accept the aggregation has accomplished abiding advance prospects.”
Lillian Vernon sales for the year concluded Feb. 25 rose 13.3% to $222 million. The company’s catalogs accommodate Lillian Vernon, Lilly’s Kids, Welcome, Private Sale, Christmas Memories, Personalized Gifts and Lillian Vernon’s Kitchen. The company’s abstracts abject has about 17.6 actor names, Mr. Hochberg said.
As catalogers face the anticipation of ascent ink, cardboard and postage costs, Lillian Vernon has fabricated some explorations into the apple of new media, including captivation aftermost year with a CD-ROM archive from Magellan Interactive Multimedia (AA, Aug. 8). There additionally accept been talks about home arcade TV programs.
Miss Vernon was one of four direct-marketing leaders inducted into the Direct Marketing Association Hall of Fame aftermost year.M
Laura Loro coordinates Direct Marketing. To ability her, alarm (609) 784-9090; fax, (609) 784-9119; or address her at 904 Champlain Dr., Voorhees, N.J. 08043.
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