Unified Commerce Group acquired control of the Montreal-based brand, marking its entrance into a deal market made topsy-turvy by the coronavirus but one filled with opportunity.
Its board members include former Macy’s chairman Terry Lundgren, Chinese influencer and model Bonnie Chen, Good Charlotte singer Joel Madden, Nicole Richie and others with ties to law firm Clifford Chance, Human at Work and Lever Style Inc. “We were looking for a company that had global appeal in its DNA,” said Jones, noting the brand was among Unified’s top prospects from the beginning . Frank and Oak brought in sales of $43 million for its fiscal year, which just ended, but was on track to log a $53 million top line before the pandemic. Although Unified didn’t disclose the details of the acquisition, Frank and Oak was valued at $80 million last year.
Jeremy Brown will remain ceo of Frank and Oak and said, “Unified Commerce Group shares the same values and principles as our team does and I have every confidence in the UCG team to take our business to new heights, allowing us to enter the global retail market and reach a new range of consumers while maintaining our Montreal roots.”