July 31, 2014
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Archives for July 31, 2014

Catterton Acquires John Hardy

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john hardy nf1John Hardy, a luxury designer jewelry brand known for its Asian inspired designs and traditional handmade jewelry techniques, has been acquired by Catterton Partners. London-based private equity firm 3i acquired a minority equity position in John Hardy for €24 million in 2007.

John Hardy’s products are available at more than 600 retail locations across 27 countries and regions, including department stores such as Neiman Marcus, Saks Fifth Avenue, Bloomingdale’s, Harrods and Lane Crawford and stand-alone stores in Hong Kong, Jakarta and Bali.  The company was founded in 1975 by John Hardy, a designer and artist. In 2007, CEO Damien Dernoncourt along with Head Designer and Creative Director Guy Bedarida purchased the company from John Hardy. The company is headquartered in Hong Kong (www.johnhardy.com).

michael chu nf1“Catterton is excited to partner with a differentiated brand with a strong heritage and a top-tier, multi-channel distribution footprint.  With Catterton, John Hardy will have a robust platform to enhance its already exceptional brand and accelerate its growth trajectory,” said Michael Chu, Managing Partner at Catterton.  “We are confident that John Hardy offers substantial upside through multiple paths for expansion, and look forward to working with Robert and the entire team at John Hardy to capitalize on new market opportunities and realize the company’s significant potential.”

Catterton Partners focuses exclusively on the consumer industry and invests in all major segments including food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services.  Catterton was founded in 1989 and has more than $4 billion in capital under management. The firm is located in Greenwich, CT (www.cpequity.com).

With this acquisition, Catterton has appointed Robert Hanson as the new Chief Executive Officer of John Hardy.  Mr. Hanson brings more than 25 years of brand development and retail experience to John Hardy, including with American Eagle Outfitters, where he served as Chief Executive Officer, and Levi Strauss, where he served as Global President of Levi’s.

Damien Dernoncourt, who has served as John Hardy’s Chief Executive Officer since 2007, will retain an equity stake in the company and has been named Non-Executive Chairman.  Guy Bedarida will continue to serve as Creative Director and Head Designer and Miles Graham will continue to serve as President and Chief Operating Officer.

“John Hardy is pleased to partner with Catterton, which will provide the support and resources to continue building our brand and accelerate our growth on an international scale,” said Mr. Dernoncourt.  “I am confident that under Robert’s leadership and together with Catterton, we will enhance our status as a leading designer of unique handmade jewelry while maintaining our company’s strong core values and luxury positioning.  I am excited to be working with Catterton, Robert, and the entire John Hardy team as we grow and build on our success.” 

2014 PEPD • Private Equity’s Leading News Magazine • 7-31-14

Shore Points Sells Loftware to Riverside Partners

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loftware nf1Shore Points Capital has completed the sale of its investment in Loftware through a recapitalization of the company led by Riverside Partners. Shore Points acquired Loftware in January 2005.

Loftware is a labeling services provider that works with over 5,000 customers, across 25 major industries to meet their customer-specific, geographical and regulatory labeling requirements. The company’s software integrates SAP®, Oracle® and other enterprise applications to produce barcode labels, documents, and RFID Smart tags across the supply chain.  Loftware is headquartered in Portsmouth, NH with additional offices in the UK, Germany, and Singapore (www.loftware.com).

Shore Points was the lead investor in Loftware for over nine years, a period in which the company has become the leading international provider of enterprise level software for supply chain labeling applications.  Over the past few years, Loftware has logged accelerated global market penetration, record sales and profitability.

ed irwin nf3“Loftware has been a great investment for us, and we are proud of everything the company has accomplished under our watch,” said Ed Irwin, Managing Partner of Shore Points. “The management team, led by Bob O’Connor, has flawlessly executed its strategy and has positioned the company for continued growth and success. We are pleased that a group as accomplished as Riverside has recognized the value of Loftware and will be leading the company as it looks to even greater success in the future.”

Shore Points Capital makes equity investments in lower middle market businesses with enterprise values from $15 million to $75 million and EBITDAs of $2 million to $15 million. The firm has experience investing across a variety of industries, with a particular emphasis on business-to-business/enterprise software companies. Until 2006, the principals of Shore Points Capital operated as the North American private equity arm of BNP Paribas. The firm is based in New York (www.shorepointscapital.com).

“Loftware has been very fortunate to be majority-owned by Shore Points Capital for nearly ten years,” said Bob O’Connor, Loftware’s President and CEO. “Their leadership and steady guidance have been instrumental in the growth and transformation of Loftware into the market leader in the enterprise labeling space. The management team and other investors could not have asked for a more supportive financial sponsor.”

Shore Points and the other Loftware investors, including Greyrock Capital Group and Eric Anderson, were represented in the sale by the investment bank Signal Hill and the law firm of Golenbock Eiseman Assor Bell & Peskoe in association with Bernstein Shur.

2014 PEPD • Private Equity’s Leading News Magazine • 7-31-14

Clairvest Closes Fifth Fund at Hard Cap

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clairvest nf2Clairvest Group has held a final closing of its latest fund, Clairvest Equity Partners V LP, at the hard cap of $600 million. The firm’s original target for the fund was $500 million. Clairvest’s commitment to the fund, which began marketing in March 2014, is $180 million alongside $420 million from third party investors.

rotman nf1“We are delighted to have a renewed commitment by many of our existing fund investors as well as to welcome several new investors to CEP V. We are pleased that the market was receptive to our investment strategy, track record and focus on alignment of interests,” said Ken Rotman, Co-CEO of Clairvest.

CEP V is the successor fund to Clairvest Equity Partners IV LP which closed in January 2011 with $467 million in capital commitments.

The Clairvest Group invests in mid-market companies, principally in North America, across a range of industries. Clairvest looks to invest from $15 million to $50 million in equity capital in companies with EBITDAs from $5 million to $40 million. Desired ownership percentages range from 20% to 80%. The firm is based in Toronto (www.clairvest.com).

parr nf1“Our success is premised on fundamental value creation and proactive deal origination, ensuring a true alignment with our investment partners and fund investors”, said Jeff Parr, Co-CEO of Clairvest. “Consistent with our prior funds, the general partner Clairvest will be the single largest investor in the fund”.

Atlantic Pacific Capital acted as Clairvest’s exclusive placement agent to market the fund outside of Canada.  “Limited partners appreciate Clairvest’s strong alignment of interest, track record and unique value creation approach,” said Josh Vogelhut, a Partner at Atlantic-Pacific.

Atlantic-Pacific Capital has raised over $60 billion for alternative asset managers seeking private capital. Typical projects include private equity, real estate, and infrastructure fund placements, as well as private placement financings in support of acquisitions, buyouts, and growth capital transactions. The firm was founded in 1995 and has offices in New York, Greenwich, Chicago, San Francisco, London, and Hong Kong (www.apcap.com).

2014 PEPD • Private Equity’s Leading News Magazine • 7-31-14

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