Hilco Acquires Portico and Under the Canopy Brands
NORTHBROOK, Ill.-Hilco Brands has swung a deal to acquire the Portico and Under the Canopy brands from Portico Brand Group.
Financial terms of the transaction were not disclosed in a Hilco statement. The Portico brand encompasses a collection of eco-friendly merchandise that includes home and hotel furnishings, personal-care and beauty products. Under the Canopy is a brand for apparel, home, spa/hospitality and other textile-based products that use environmentally and socially responsible materials and manufacturing methods.
Marci Zaroff, Under the Canopy's founder, president and chief marketing officer, and Rachel Whitlow, chief operating officer, will be the management team for the two brands going forward. The transaction included the equity interest of Gregg Haft, president of Portico Brand Group, who will no longer be affiliated with the brands, according to a Portico spokeswoman.
Hilco Brands is the brand-investment and -management division of Hilco Global, a private equity firm. Jeffrey Branman, Hilco Brands' managing director, said the two brands have "enormous growth potential. The eco-friendly, socially responsible products currently being manufactured and marketed by world-class licensees provide a solid platform for further growth."