UCC Capital announced that it has secured the financing for and served as M&A advisor to Iconix Brand Group's acquisition of apparel brand MUDD. The proceeds from the MUDD transaction will be added to the revolving master trust created for the securitization of various trademarks, which thus far include Candies, Bongo, Joe Boxer Badgley Mischka, and Rampage. The trust is now worth $133 million after the MUDD deal, and will grow by another $57 million after the planned purchase by Iconix of apparel company Mossimo Inc. UCC CEO Robert D'Loren said that the master trust's credit quality keeps getting better with the addition of different apparel trademarks providing overcollateralization and diversification to the deal. The plan is to make two or three more acquisitions, he said. He added that UCC is working with Iconix on a franchise deal that is expected to happen sometime in the second or third quarter of this year.
Societe Generale Corporate and Investment Banking (SG CIB) in London announced that it has formed an independently managed CLO portfolio management entity called Egret Capital. Thierry de Vergnes will lead the new business. He was previously a managing director at SG CIB in charge of projects and development for leveraged finance activity. In his new role, de Vergnes will be a member of Egret's five-person investment committee, which includes two SG CIB representatives. Also joining Egret are Steve Williams as portfolio manager and member of the investment committee, Alfonso Fernandez-Stuyck as vice president, and Florian Viros as an analyst. Williams was previously at Highland Capital Europe where he managed the Copernicus I and II CLOs, and ramped up the warehoused portfolio for the inaugural Highlander CDO. Fernandez-Stuyck was most recently with SG CIB's leveraged finance department and Viros was previously with BNP Paribas' CLO group. Egret will be based in London, and is expected to employ nine people by the end of 2006.