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SulmeyerKupetz attorneys Alan Tippie and Jeffrey Pomerance represented sellers Body Glove International, LLC and Dive & Surf, Inc. in connection with the sale of the Body Glove® brand and related intellectual property assets to Marquee Brands LLC.
Established in Redondo Beach, California in 1953, by twin brothers Bob and Bill Meistrell, the Body Glove® brand has grown from popularizing the first neoprene surf wetsuits into an international brand by licensing its name and logo for a complete line of water-related and active lifestyle products. Throughout its six-decade history, Body Glove has been among the South Bay’s most successful and recognizable brands, as well an influential and supportive company, having sponsored professional surfers, surf camps and surf contests, and raising millions of dollars for local charities and education foundations.
Jeffrey Pomerance and Alan Tippie acted as Sellers’ primary legal advisors in structuring, negotiating and drafting the various transaction documents and coordinating every aspect of the sale transaction, which included the sale of the Body Glove® brand and related intellectual property, as well as the structuring of the Meistrell family’s retention of a minority interest in the Body Glove® brand and related intellectual property rights post-closing. Ropes & Gray LLP represented the buyer Marquee Brands LLC, a brand acquisition, licensing and development company sponsored by Neuberger Berman Private Equity, which also acquired Bruno Magli® and the British fashion brand Ben Sherman®. The transaction closed October 31, 2016.