Mill Road and Blackstone Complete Buy of R. G. Barry
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Mill Road and Blackstone Complete Buy of R. G. Barry

rgbarry nf1Mill Road Capital and Blackstone Tactical Opportunities have completed the take private of R.G. Barry Corporation. R.G. Barry is now approximately 50%-owned by Mill Road Capital and 48%-owned by Blackstone, with the remaining 2% held by other institutional investors.

R.G. Barry Corporation (NASDAQ: DFZ) designs, develops and markets footwear, handbags, and foot care products for women.  The company offers slippers and sleepwear products, totes, insoles and comfort products, travel accessories, and leg and footwear products. Products are sold through national chains, mass merchants, warehouse clubs, department stores, independent and specialty retailers, boutiques, catalogs, home shopping networks, and online retailers.  R.G. Barry Corporation was founded in 1947 and is headquartered near Columbus in Pickerington, OH (www.rgbarry.com).

“We have been a public shareholder of R.G. Barry for many years, and are excited to welcome the new privately-held R.G. Barry to the Mill Road family.  We look forward to working with the great team at R.G. Barry and with Blackstone to start an exciting new chapter in R.G. Barry’s history,” said Scott Scharfman, a Managing Director of Mill Road Capital.

Mill Road Capital is a private investment firm focused on investing in and partnering with publicly traded micro-cap companies in the US and Canada.  The firm currently has over $600 million of assets under management.  Mill Road Capital was founded in 2004 and is based in Greenwich, CT (www.millroadcapital.com).

naveen bahtia nf1“We believe that under a new, private ownership structure, R.G. Barry can be more flexible and will be better able to implement and execute its long-term strategic plan, including its ongoing acquisition efforts, in order to build value for the future,” said Naveen Bhatia of Blackstone Tactical Opportunities.  “We are pleased to collaborate with the terrific team at Mill Road Capital in this transaction and with the first-rate management team and associates of R.G. Barry in the next phase of growth of the company.”

Blackstone’s Tactical Opportunities business invests in opportunistic, multi-asset class investment opportunities with a focus on special situations. The group is led by Senior Managing Directors David Blitzer and Christopher James and has offices in New York and London. Click HERE for the Blackstone’s Tactical Opportunities webpage.

Golub Capital arranged the debt financing for the transaction.  Katten Muchin Rosenman provided legal counsel to Golub Capital. Mill Road Capital was advised by Foley Hoag, its legal counsel.  Blackstone was advised by its legal counsel, Paul Hastings.  R.G. Barry was advised by Peter J. Solomon Company, its financial advisor; and Vorys, Sater, Seymour and Pease, its legal counsel.

2014 PEPD • Private Equity’s Leading News Magazine • 9-5-14

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