LF USA, a subsidiary of Hong Kong-based Li & Fung Ltd., said on Monday that it acquired American Marketing Enterprises Inc. for $128 million.
AME is a children's character-licensed, private label sleepwear firm. The licensed brands include Spider-Man, Hannah Montana and Dora the Explorer, which are sold at Wal-Mart, Target, Kohl's, Sears Holdings Corp. stores and J.C. Penney.
Victor and Elliot Azrak will continue as president and executive vice president, respectively, at AME, which they cofounded with family members Marvin and Adam Azrak.
"AME has a real leadership position in children's sleepwear in entertainment and licensed property....AME expands the children's portfolio that is under the Briefly Stated [umbrella]," said Rick Darling, president of LF USA.
Darling said his firm continues to look for companies that can bring long-term value to Li & Fung, and at the same time provide solutions for retailers with long-term needs.
"This is the first synergistic acquisition for LF USA where they are acquiring a business to combine it with an existing platform, Briefly Stated, which does adult and kids' sleepwear and underwear," said Andrew Postal, partner at New York-based MMG, an investment banking and strategic advisory practice firm that worked with Li & Fung on the deal.