Iconix Brand Group Inc. has signed a definitive agreement to acquire the Strawberry Shortcake brand and related intangible assets from American Greetings for $105 million in cash.
The iconic Strawberry Shortcake character made her debut 35 years ago, gaining national appeal based on a spunky, yet innocent persona. Today, it is a global brand with a diversified network of more than 350 licensees, including makers of figurines and dolls.
Strawberry Shortcake has a strong international business, with revenue outside of the U.S. representing approximately 50 percent of total sales. The two largest international markets are Brazil and France, where the brand is highly recognized as a local based brand, marketed as Moranguinho in Brazil and Charlotte aux Fraises in France.
The transaction is expected to close in approximately 30 to 45 days, and details will be discussed on the company’s fourth quarter and full year 2014 earnings conference call. This deal is in line with the company’s historical acquisition metrics.
