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From Home Furnishing Business

NexCen Brands Acquires Waverly

By Home Furnishings Business in Upholstery on May 2007 NexCen Brands has completed its acquisition of the Waverly brand from F. Schumacher & Co.

As part of the deal, NexCen acquired all of the intellectual property and license contracts related to the Waverly, Gramercy and Village brand products and services.

€œWe are thrilled to expand our growing business with the acquisition of Waverly,€ said Robert W. D€™Loren, president and chief executive officer of NexCen. €œWe look forward to combining our expertise in marketing and operations with the talented team of home products designers and licensing professionals at Waverly to further grow the brand€™s leadership position. Additionally, there are exciting synergies between Waverly and NexCen€™s existing portfolio of brands.€

NexCen paid $36.8 million in cash and issued a 10-year warrant to purchase 50,000 shares of common stock in connection with the acquisition. NexCen estimates that the Waverly brand will generate about $9 million of royalty revenue.

With this acquisition, NexCen adds Waverly to its stable of brands, which include The Athlete€™s Foot, Bill Blass, MaggieMoo€™s and Marble Slab Creamery.

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