Hilco Consumer Capital LLC has acquired Apparel Holdings Group, manufacturer of women’s, men’s, juniors and children’s apparel under such labels as Caribbean Joe, Periscope and Cupid’s Cup.
The New York-based vendor, which does more than $200 million in wholesale volume annually, will be renamed CJ Apparel Group. The acquisition also includes AHG Licensing Inc., a subsidiary that owns and manages strategic brand licensing agreements in apparel and non-apparel categories.
Hilco Consumer Capital is a Toronto-based investor in retailers, manufacturers and wholesalers of consumer products.
Jeffrey Levy will take over as president and chief executive officer of CJ Apparel. Levy has more than 30 years’ experience in the apparel industry with firms such as Jones Apparel Group and Kellwood Co. Ken Sitomer, the current president of Apparel Holdings, could not be reached for comment.
“Hilco’s investment in CJ Apparel is based on our strong belief that there is significant additional value in the company and its market-leading brands, Caribbean Joe, Havana Jack’s Café, Jamaica Bay, Periscope and Cupid’s Cup,” said James Salter, ceo of Hilco. “We look forward to working with Jeff Levy and the CJ Apparel Group team.”
Salter founded Ride Snowboards, Gen-X Sports, GSI Sports and FGL Wholesale, owner of the Vision Streetwear and Alien golf brands. Salter is also co-chairman of Collective Licensing International, a brand development and licensing firm that owns many of the aforementioned brand names.