NexCen Brands Inc has entered into definitive agreements to acquire MaggieMoo's International LLC and the assets of Marble Slab Creamery Inc, two established
March 1, 2007
NexCen Brands Inc has entered into definitive agreements to acquire MaggieMoo's International LLC and the assets of Marble Slab Creamery Inc, two established brands in the hand-mixed ice cream category. The total combined initial purchase price is $37.1 million, plus a potential earn-out of up to $2 million on the MaggieMoo's acquisition.
These two transactions are expected to be completed before the end of the first quarter. They mark the first acquisitions for NexCen in the quick-service restaurant (QSR) sector.
The initial purchase price for MaggieMoo's is $16.1 million, consisting of about $10.8 million of cash, and NexCen common stock valued at around $5.3 million. NexCen also agreed to an earn-out arrangement that will entitle the sellers of MaggieMoo's to receive up to $2 million more. The additional amount will be payable if recurring royalties and non-recurring franchise fees for 2007 meet performance targets specified in the acquisition agreement.
In the Marble Slab acquisition, the purchase price is $16 million of cash, with seller notes of $5 million that earn interest at 6% per annum and are payable one year from closing.
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