Centric Brands CEO Jason Rabin buys company back from Blackstone, Ares and HPS

Centric Brands Chief Executive Jason Rabin has bought the apparel and accessories licensee from Blackstone, Ares Management and HPS Investment Partners in a management-led deal that closed Friday, WWD reported Monday.

The buyout returns control of a company with more than $3 billion in revenue to the executive who has run it since its founding in October 2018. Centric designs, makes and distributes goods for more than 100 licensed and owned brands, including Calvin Klein, Coach, Michael Kors, Tommy Hilfiger, Ugg and Under Armour.

Rabin's new partners are Axar Capital Management, M-Cor Capital, the investment arm of the Milken Family Office, MSP Sports Capital and Jarrod Kahn, Centric's group president. Jeff Moorad, chief executive of MSP Sports Capital, said the firm was drawn in part by the company's growth in sports products.

The three private equity firms took control in 2020, when Centric emerged from Chapter 11 bankruptcy after shedding about $700 million of debt, according to the company's release at the time. Rabin told WWD the owners had backed every strategic move he wanted, but that private equity eventually moves on. “I wanted my company back,” he said.

He added that the deal “is not about the money.” Rabin remains chief executive, the management team stays in place, and the company's 2,600 employees across 26 offices are unchanged.

Centric runs through three platforms. Centric Powered operates licensed brands from design to distribution, Centric Ventures backs founder-led labels such as Favorite Daughter and Jennifer Fisher, and Centric Collective owns brands including Avirex, Hudson Jeans and Robert Graham.

Growth abroad remains the top priority. Centric has opened offices in Milan, Amsterdam and London and plans to add wholesale and distribution offices in Asia, where it already runs more than 16 offices, most of them for sourcing. Rabin said a stock market listing is not part of the plan for now, and that future acquisitions could range from $0 to $100 million in revenue.