NEW YORK, New York – September 6, 2007 – The SB Capital led consortium of Official Pillowtex, LLC has agreed to be acquired by Iconix Brand Group, Inc. (Nasdaq: ICON). Official Pillowtex, LLC is a licensing company with a large portfolio of home brands including the four primary brands of Cannon, Royal Velvet, Fieldcrest and Charisma as well as numerous other home brands including St. Mary’s and Santa Cruz.
The four primary brands are all currently licensed in the U.S.: Cannon and Royal Velvet to Li & Fung USA; Fieldcrest to Target Stores; and Charisma to Westpoint Stevens.
Official Pillowtex, LLC was formed after an SB Capital Group joint venture purchased substantially all of Pillowtex’s surviving assets during bankruptcy proceedings in October of 2003. Since the acquisition, the brands have been reinvigorated, re-launched, and are poised for growth and expansion into new markets around the world.