Xcel Brands Inc. and Chicago-based Hilco Global have acquired the intellectual property of Longaberger, an American heritage home and collectibles brand founded in Dresden, Ohio, by the Longaberger family. Xcel Brands, a media and consumer products company, will manage the brand out of its New York City headquarters going forward.

Since its inception, Longaberger has achieved total lifetime sales of over $10 billion. The brand was founded in 1973 by J.W. Longaberger’s son, Dave Longaberger. At its peak, the company employed 8,200 people and generated $1 billion in annual sales.

The company was one of the original social commerce companies, with sales primarily generated through home parties hosted by the company’s independent sales consultants. With the launch of the new social channels on Facebook and Instagram, the Longaberger company will soon launch news and guidelines for ways of supporters and sales associates to get involved.

Xcel Chairman and CEO Robert W. D’Loren is very familiar with the Longaberger company, community and family, having served on the company’s board of directors for two years beginning in 2006.

“I am overjoyed that our beloved brand is back in the hands of good people,” the founder’s daughter Tami Longaberger said. “Thousands of dedicated Longaberger extended family, who dearly love what Longaberger stands for, have reached out to us on hopes that we can reclaim Longaberger. Our shared values – integrity, craftsmanship and opportunity for all – will move us forward. We’re excited to work with Bob D’Loren and his team at Xcel brands to write the next chapter of the Longaberger story. As my father Dave said, ‘The past is no big deal, the future is!’”

Hilco Global is international financial services company headquartered in metropolitan Chicago, with 600 employees in 11 offices around the world.

“This is an iconic American brand that provides an excellent opportunity for our joint venture team to deliver strategic, operational and innovative solutions that will enhance value and restore growth to the business. By partnering with Xcel Brands, we are confident we can build both the intrinsic and potential value of Longaberger,” Hilco Global CEO Jeffrey B. Hecktman said, in a statement.