Overview
- FullBeauty will merge into a new DXL subsidiary, with DXL remaining publicly traded under the DXLG ticker.
- FullBeauty shareholders are set to own 55% of the combined company, while DXL shareholders will hold 45%.
- Jim Fogarty will become CEO and DXL’s Peter Stratton will serve as CFO, with headquarters in Canton and significant operations in New York City, Indianapolis and El Paso.
- The companies cite roughly $1.2 billion in annual sales, about $70 million in adjusted EBITDA, a DTC reach of 34 million households and 296 stores, with a revenue mix of 54% women and 46% men.
- A $92 million committed subscription from certain FullBeauty holders will support a term loan of about $172 million due August 2029, and management targets $25 million in annual cost synergies by 2027 with closing expected in the first half of fiscal 2026.