Hilco, TPG in joint venture to acquire ailing retail brands, starting with ...

Financial services company Hilco Global and asset management firm TPG Angelo Gordon have formed a joint venture to acquire and finance consumer brands and intellectual property in partnership with Bluestar Alliance.

In connection with the launch, the new joint venture has completed a series of inaugural transactions, including the acquisition of the assets and IP of the Bebe and Brookstone brands from Bebe Stores, Inc. Since 2018, Bebe Stores has owned the intellectual property assets and Bluestar has managed the Bebe and Brookstone brands.

In addition, the joint venture is making a co-investment with Bluestar to acquire the international luxury streetwear brand Off-White from LVMH. Bluestar made its initial acquisition of Off-White in September. 

The joint venture has also has made a $190 million investment in some of the other brands managed, licensed, and co-owned by Bluestar, including Hurley, Justice and Scotch & Soda. 

"We’re thrilled that Hilco Global and TPG Angelo Gordon will be new partners in many of our brands,” said Ralph Gindi, co-founder and COO of Bluestar, and Joseph Gabbay, co-founder and CEO of Bluestar. “TPG Angelo Gordon brings significant resources and expertise investing within the consumer sector, and Hilco has an impressive track record of successfully operating and investing in brands and other consumer assets globally.”