PE-backed Authentic Brands acquires IP of Drake’s lifestyle brand OVO
- Drake will retain a significant ownership stake in OVO
- As part of the transaction, Vince Holding Corp has acquired OVO’s operating business and will oversee the brand’s design, product development, merchandising and retail stores
- Authentic Brands Group boasts a portfolio that includes iconic consumer brands, such as Reebok, Brooks Brothers, Forever 21 and celebrity estates including David Beckham, Prince, Elvis Presley and Marilyn Monroe
Authentic Brands Group, a New York-based brand and entertainment platform, has acquired a majority stake in the intellectual property of October’s Very Own (OVO), a Canadian lifestyle brand co-founded by Drake, for undisclosed terms.
Authentic is backed by CVC Capital Partners, General Atlantic and Leonard Green & Partners.
Drake will retain a significant ownership stake in OVO.
“OVO has earned a place among the world’s most influential lifestyle brands because it has always stood for something authentic and unmistakable,” said Jamie Salter, founder and executive chairman of Authentic. “Drake and his team have built something with incredible cultural influence. We see a significant opportunity to take that even further, opening new markets, building new businesses and reaching more people around the world without losing what makes OVO, OVO.”
As part of the transaction, Vince Holding Corp, a partner within Authentic’s global network, has acquired OVO’s operating business and will oversee the brand’s design, product development, merchandising and retail stores.
Authentic Brands Group boasts a portfolio that includes iconic consumer brands, such as Reebok, Brooks Brothers, Forever 21 and celebrity estates including David Beckham, Prince, Elvis Presley and Marilyn Monroe.
