Iconix Brand Group, an American manufacturer and retailer of apparel and footwear, has entered into a definitive agreement to be bought by the private equity Lancer Capital, though its affiliate Iconix Acquisition Corp., in an all-cash transaction that values Iconix at about $585 million, including net debt.

The decision “represents the culmination of a year-long examination by our board of directors of strategic alternatives for the company,” said Bob Galvin, Iconix’s chief executive officer.

He added that “after a thorough and deliberative examination of all potential strategic alternatives, the board of directors determined that the transaction with Lancer provides the best value for our stockholders. We expect that Iconix will continue developing its brands and supporting its partners as a private company.”

Lancer Capital is offering $3.15 per Iconix share. Iconix expects the transaction to close before the end of the third quarter of 2021.