News

NexCen Brands completes sale of franchise businesses

August 1, 2010

NexCen Brands, Inc. has announced the sale of its assets to Global Franchise Group, LLC, an affiliate of Levine Leichtman Capital Partners.

BTMU Capital Corporation (BTMUCC) was paid all amounts owing to BTMUCC pursuant to the terms of an agreement signed on May 13. The closing took place at a special meeting called for stockholders on July 29 in which 90 percent voted in favor of the transaction.

The buyout offer was reportedly $112.5 million and includes all of NexCen Brand's interest in Great American Cookies, MaggieMoo's, Marble Slab Creamery, Pretzelmaker, Pretzel Time, The Athlete's Foot and Shoebox New York.

Nexcen will file a certificate of dissolution with the State of Delaware, and then begin the dissolution process.

David S. Oros, Chairman of Board of Directors of NexCen, stated, “We are extremely pleased with the support of our shareholders for the sale of the Company’s assets and the plan of dissolution. We believe this is the path most likely to provide value to all of our stakeholders. We appreciate the hard work of our employees and franchisees as well as the support of our shareholders throughout this process.”

NexCent Brands was recently cleared in a two-year investigation conducted by the Securities and Exchange Commission relating to the circumstances surrounding its acquisition of Great American Cookies in January 2008.