Brentwood Associates has acquired the Boston Proper, a direct-to-consumer business from Chico’s FAS.
Boston Proper is a multi-channel specialty retailer of women’s high-end apparel and accessories that is available nationwide by direct mail catalog and online. The company was founded in 1992 and is headquartered in Boca Raton (www.bostonproper.com).
Brentwood’s strategy is to build a direct-to-consumer lifestyle brand through Boston Proper’s print, digital and social channels. “Brentwood has been a loyal and longstanding fan of Boston Proper and its management team, having tracked the business for over a decade,” said Eric Reiter, a partner at Brentwood. “They occupy a unique and compelling niche within the women’s apparel and accessory market, and we believe we can be a valuable partner in their next stage of growth.”
The acquisition was made in partnership with existing Boston Proper management, including Boston Proper President and Chief Merchandising Officer Sheryl Clark. “Brentwood brings an extraordinary level of relevant experience and strategic insight to our company,” said Ms. Clark. “They not only have a proven track record of success with our business model, but they also have a strong understanding of who we are and a like-minded vision of where we want to go.”
Brentwood Associates is a consumer-focused private equity investment firm with over $1.4 billion of capital under management. Sectors of interest include branded consumer products; consumer and business services; direct marketing, including direct mail and e-commerce; education; health and wellness; restaurants; and specialty retail. The firm was founded in 1972 and is based in Los Angeles (www.brentwood.com).
“We see tremendous opportunity in Boston Proper’s direct-to-consumer channels, as the focus shifts back towards the brand’s unique customer value proposition,” said Roger Goddu, partner with Brentwood Associates.
The seller of Boston Proper, Chico’s FAS, is an omni-channel specialty retailer of women’s clothing, intimates, accessories, and other non-clothing items. The company is headquartered in Fort Myers, FL (www.chicosfas.com).
Chico’s FAS was advised by Peter J. Solomon Company (www.pjsolomon.com) as financial advisor and by Greenberg Traurig (www.gtlaw.com) as legal counsel. Brentwood was represented KPMG Corporate Finance (www.kpmgcorporatefinance.com) and Burr & Forman (www.burr.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-19-16
