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PHILADELPHIA - Iconix Brand Group, an owner, marketer and licensor of consumer brands, said Monday it's buying the Waverly home furnishings brand for $26 million in cash.
The purchase of Waverly from New York-based Nexcen Brands Inc. adds to Iconix's roster, which includes Candie's, Joe Boxer, London Fog and Rampage.
The acquisition is expected to close within 30 days. New York-based Iconix said royalty revenue from Waverly will be approximately $7 million over the next 12 months.
"It's just a great brand," Neil Cole, chairman and chief executive, told The Associated Press. "It gives us a new distribution agreement with Lowe's and Jo-Ann Fabrics."
Waverly is Iconix's fifth home products brand. The company bought four last year.
Shares of Iconix fell 52 cents, or 4 percent, to $12.54 while Nexcen lost 4 cents, or 12 percent, to 28 cents.
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