NEW YORK — The Tommy Bahama brand was sold on Saturday to Oxford Industries Inc. in a transaction valued at up to $325 million.

Oxford signed a definitive agreement to purchase all of the outstanding capital stock of Viewpoint International Inc., which owns the Tommy Bahama brand. The transaction, expected to close in June, includes $240 million in cash, $10 million in Oxford stock and up to $75 million in contingent payments, subject to the achievement by Viewpoint of certain performance targets.

Oxford expects to finance the cash portion of the purchase price with the net proceeds from a private offering of $175 million of senior notes, borrowings under a new senior secured revolving credit facility and cash on hand.

Viewpoint was founded in 1992 by Tony Margolis, Lucio Dalla Gasperina and Bob Emfield. All three will continue working at Tommy Bahama, which will operate as an independent subsidiary of Oxford. Employment agreements have been negotiated with Oxford and the three are expected to sign them shortly. For Margolis, president and chief executive officer of Tommy Bahama, the deal seemed a natural next step in his personal, 15-year friendship with Oxford’s chairman and president, J. Hicks Lanier.

"We couldn’t be more excited with the prospect. This is a wonderful meeting of friends," he said in a telephone interview on Sunday. The purveyor of island lifestyle dressing has an annual volume of $330 million.

Lanier added, "We think Viewpoint and its multiple brands are a great strategic fit for us. One weakness in our strategic planning is that we wanted to have more company-owned consumer brands, [and] we didn’t own anything close to what Tommy Bahama represents in the marketplace."

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