Blue Sage Capital Exits Visual Merchandising
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Blue Sage Capital Exits Visual Merchandising

vmi nfBlue Sage Capital has completed the sale of Visual Merchandising, a designer, manufacturer, and distributor of mannequins, to Noa Visual Group, a portfolio company of Miura Private Equity.

Visual Merchandising (VMI) is a designer, manufacturer, and distributor of custom mannequins, forms, and other visual merchandising products to the global retail industry. VMI markets its products under the brands of Fusion Specialties and Goldsmith. Customers include Nordstrom, Macy’s, J. Crew, Kate Spade, The North Face, and J.C. Penney. VMI is headquartered in Broomfield, CO (www.fusionspecialties.com) (www.goldsmith-inc.com).

Blue Sage initially invested in VMI in 2007 and completed the acquisition of Goldsmith in 2009
to expand VMI’s product offering. During the hold period, Blue Sage and company management initiated new product development, migrated to more cost efficient production facilities, and improved international distribution.

“It was a pleasure to work with Derek Johnson and the VMI team. We wish VMI continued success through this merger with Noa Visual Group,” said Jim McBride, Co-Founder and Managing Member of Blue Sage.

Blue Sage Capital specializes in growth, recapitalization and buyout financings of smaller middle-market companies based in Texas and the Southwest. Most of Blue Sage’s investments are in established, profitable companies with $10 million to $100 million of revenue and $3 million to $10 million of cash flow. Blue Sage invests in a variety of industries, with each initial investment in a company ranging from $10 million to $20 million. The firm is based in Austin, TX (www.bluesage.com).

“Blue Sage was an invaluable asset to our team as we navigated through a paralyzing global recession. Because of their unwavering support, we were able to dramatically improve our performance and operationally transform the company,” said Derek Johnson, CEO of VMI.

Blue Sage and the other shareholders of VMI were advised by St. Charles Capital, an investment bank based in Denver (www.stcharlescapital.com), during the sale process.

“St. Charles led a thorough, global search for a value-added partner to help VMI broaden its worldwide reach. Blue Sage is very pleased with the outcome,” said Mr. McBride.

Noa Visual Group is Europe’s largest visual merchandising company and is a portfolio company of Miura Private Equity. The company employs a multi-branded marketing strategy operating under three brands: Atrezzo, Marcelo Vilá, and Pop Mannequins. The company is based in Barcelona, Spain (www.noavisualgroup.com).

Miura Private Equity invests invest from €6 million to €15 million in companies across a range of industries that have enterprise values ranging from €15 million to €60 million. The firm was founded in 2007 and is based in Barcelona, Spain (www.miuraequity.com).

Financing for this transaction was provided by Vectra Bank Colorado, a regional bank subsidiary of Zions Bancorporation (NASDAQ: ZION).

© 2013 PEPD • Private Equity’s Leading News Magazine • 7-29-13

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