Last Thursday, company shareholders not connected to Feldenkreis or his family voted in favor of the merger. Feldenkreis in June inked a $437 million transaction to take back the shares he and his family did not already own and take the company private. Following the shareholder vote, all that remained was the transfer of funds to complete the deal. That has since been completed.
Now that the transaction is complete, shares of Perry Ellis will no longer be traded and the stock will be delisted from the Nasdaq Global Market.
Feldenkreis founded the company in 1967, when it was then known as Supreme International. It acquired Perry Ellis in 1999, six years after completing an initial public offering, after which the company changed its corporate name.
His son, Oscar, is currently chief executive officer.
Feldenkreis was advised by Scope Capital Partners, the new merchant banking firm of Peter Comisar, the former vice chairman at Guggenheim Partners. It was the former chairman’s deep knowledge of the company’s operations that also helped him structure a deal with no licensing contingencies with current licensors. All are expected to stay on with Perry Ellis following the completion of the transaction.
In addition to financing through an asset-backed revolving loan underwritten by Wells Fargo Bank, Feldenkreis secured a $282 million multitranche term financing facility with Fortress Credit Advisors. The Feldenkreis family also contributed their equity to the deal.