NEWS

Vince Announced 2nd Public Offering

Vince Holding Corp. received $177 million in an initial public offering in November 2013, and, on June 24, it announced a second public offering.

Vince, which started business in Los Angeles in 2002, announced a second public offering of 3,550,373 shares of common stock. The sellers include the company’s major stockholders, such as affiliates of Sun Capital Partners Inc., a private investment company headquartered in Boca Raton, Fla. Other apparel companies in Sun Capital’s portfolio include Scotch & Soda and Kellwood Co.

Prominent financial companies involved in this second public offering deal include BofA Merrill Lynch and Robert W. Baird & Co. Inc., which are acting as joint book-running managers of the offering and are the representatives of the underwriters. In addition, Goldman, Sachs & Co., Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are joint book-running managers in the offering.

Also in June, Vince Holding announced results for the first quarter of its fiscal 2014 year. Comparable-store sales increased 11.1 percent of the first quarter of its fiscal 2014 year. Net sales were $53.5 million, up 32.4 percent compared with the $40.4 million reported for the first quarter of the previous fiscal year.

Jill Granoff, Vince Holding’s chairman and chief executive officer, said, “It was another terrific quarter for the Vince brand as we again delivered double-digit growth across all distribution channels.”