Authentic Brands Group, a New York-based brand and entertainment platform, has acquired a majority stake in the intellectual property of October’s Very Own (OVO), a Canadian lifestyle brand co-founded by Drake, for undisclosed terms. Authentic is backed by CVC Capital Partners, General Atlantic and Leonard Green & Partners. Drake will retain a significant ownership stake in OVO.

As part of the transaction, Vince Holding Corp, a partner within Authentic’s global network, has acquired OVO’s operating business and will oversee the brand’s design, product development, merchandising and retail stores. Authentic Brands Group boasts a portfolio that includes iconic consumer brands, such as Reebok, Brooks Brothers, Forever 21 and celebrity estates including David Beckham, Prince, Elvis Presley and Marilyn Monroe.