British denim brand Lee Cooper has been acquired by licensing group Iconix Brand Group for $72m (£47m).
The label was sold by its private equity owner Sun European Partners to Iconix, which owns, licenses and markets a portfolio of brands including US streetwear brand Rocawear and sportswear brand Umbro.
Lee Cooper, which was founded in 1908, is sold in more than 80 countries and generates around $500m (£327m) in annual sales.
Iconix chief executive Neil Cole said: “We are excited to add another truly global brand to our portfolio and expect with the addition of Lee Cooper, our international business to represent approximately 33% of our overall business in 2013. With Lee Cooper’s portfolio of international licensees we look forward to leveraging these new relationships to further grow our worldwide footprint.”
Corporate finance house DC Advisory acted as the financial adviser to Sun European Partners for the deal.