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Published on : Jul 15, 2015

The online retailer Bluestem Group, which merchandises multiple brand has formally completed acquisition of Orchards Brands Corporation. The latter is also an online retailer, which is a multi-brand merchandizer of 13 catalogue and ecommerce brands.

According to a press conference statement by Bluestem Group, the deal is completed for US$410 million in cash, which is however subject to conventional purchase price adjustments.

The completion of the deal will diversify and broaden retail capabilities and customer base of Bluestem Group’s fully owned subsidiary, Bluestem Brands.

The acquisition of Bluestem Brands was funded which included combination of cash on-hand, new asset-based lending unit, and new term debt syndication.

Morgan Stanley Senior Funding and Credit Suisse Securities (USA) LLC together underwrote the term debt, while U.S. Bank National Association and Credit Suisse together carried the asset based lending unit.

Bluestem Group received financial advice from Morgan Stanley & Co. and its counsels, which includes Faegre Baker Daniels LLP and Akin Gump Strauss Hauer & Feld LLP.

On the other hand, Orchard Brands received financial advisory from Goldman Sachs and its counsel Sculte Roth & Zabel.

Bluestem Brands, is part of the holding company Bluestem Group, which is a multi-brand online retailer, for a large selection of branded and private label merchandise.

On the other hand, Orchard Brands is a multi-channel marketer that offers direct marketing for apparel, home products, and accessories for men and women mainly for the baby boomers and senior demographic population.

The portfolio of Orchard Brands includes Blair, Norm Thompson, Sahalie, Tog Shop, Draper’s & Damon’s, Bedford Fair and WinterSilks, Haband, Solutions, Gold Violin, LinenSource, and Old Pueblo Traders.

Orchard has an annual distribution of above 512 million catalogues and mailers and also operates internet sites dedicated for each brand.