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Sequential Brands buys collectibles retailer Franklin Mint
The purchase is Sequential’s fifth retail brand buy this year.
Sequential Brands Group Inc. has acquired The Franklin Mint, a purveyor of collectible coins and gift products. Sequential Brands did not disclose the terms of the deal or identify the seller.
The consumer brand management company says The Franklin Mint is its fifth brand acquisition this year. Previous acquisitions include the Revo sunglasses brand, which Sequential Brands acquired from Oakley Inc. for approximately $20 million in August, and the Ellen Tracy and Caribbean Joe apparel brands, which it acquired from brand management firm Brand Matter in March. Other brand holdings include novelty shoe brand Heelys and apparel brands William Rast and People’s Liberation.
The company says it intends to continue sell Franklin Mint collectibles, introduce new products and expand the brand’s distribution channels. Franklin Mint sells online at FranklinMint.com. Two further Sequential brand holdings, Heelys and shoe brand DVS, also sell online.
“This acquisition is in line with our corporate strategy of diversification across multiple consumer verticals, currently covering fashion, outdoor lifestyle, action sports and now collectibles,” says Yehuda Shmidman, CEO of Sequential Brands Group.
“I have 100% confidence in Sequential’s ability to maximize the full value of The Franklin Mint, a truly iconic American brand,” says Robert H. Book, chairman of The Franklin Mint. Book is also chairman of the board of directors of JSSI Inc. A company called JSSI Capital Enterprises LLC bought The Franklin Mint in 2009, according to New York State Court records filed in 2010.
Sequential Brands also reported its Q3 earnings today. For the nine months ending Sept. 30, it reported $12.0 million in revenue, up 253% from $3.4 million a year ago. Sequential says its brand portfolio generates approximately $1 billion in retail sales a year.