Xcel Brands sells 70% of Isaac Mizrahi brand to WHP for $46.2M cash

XCel Brands, Inc.

Xcel sold 70% of IM Topco (Isaac Mizrahi brand) to WHP for $46.2M cash on May 31, 2022.
Earnout: up to $2M if IM Topco achieves Net Royalty ≥$17.5M and EBITDA ≥$11.8M in 2023.
Downside adjustment: WHP may receive up to $16M from Xcel if royalties fall below $13.3M over four consecutive quarters within 3 years.
$30.1M of proceeds used to repay First Eagle credit facility ($28.4M principal + $1.4M prepayment fee + $0.3M interest).
Management bonuses: CEO Robert D'Loren $770K, CFO Jim Haran $115K, Seth Burroughs $130K, totaling $1.015M.

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