Manatt’s capital markets team represented Digital Brands Group, Inc. (DBG), a curated collection of luxury lifestyle, digital-first brands, in a series of significant corporate transactions, including its $10 million acquisition of Stateside, a privately owned elevated basics brand. The purchase price was evenly split between $5 million in common stock and $5 million in cash. As a result of the transaction, Stateside has become a wholly owned subsidiary of DBG.
Manatt’s team also supported DBG in raising gross proceeds of $5 million through the issuance of a senior secured convertible note used to fund the Stateside acquisition and in connection with a $17.5 million equity line of credit.
Manatt’s deal team included M&A and capital markets leader Thomas Poletti, corporate and finance partner Veronica Lah, and corporate and finance associate Kendrick Coq. Manatt previously represented DBG (f/k/a Denim.LA) in its $10 million IPO; $9.1 million acquisition of Harper & Jones, a custom and made-to-measure suiting and sportswear company; and $15 million acquisition of Bailey 44, a women’s clothing design brand.
To learn more about the transactions, click here.