Brentwood Associates has announced that it has acquired a majority stake in Sundance Holdings Group, a multi-channel retailer of women’s apparel and accessories. Selling shareholders, including ACI Capital and Webster Capital, will retain a minority ownership stake, and the business will remain under the leadership of current president and CEO Matey Erdos.
“Brentwood brings tremendous insight as we embark on the next level of growth,” said Mr. Erdos. “Their experience in direct marketing and multi-channel retail, as well as their track record of building consumer brands, is extremely relevant to our future success.”
Sundance Holdings Group (Sundance Catalog) was founded by Robert Redford in 1989 and is a multi-channel direct marketer and specialty retailer of women’s apparel and accessories, jewelry and home furnishings. The company is based in Salt Lake City (www.sundancecatalog.com).
“Sundance Catalog has grown to become a unique lifestyle brand with a compelling assortment of products that serve a large and highly loyal base of customers,” said Eric Reiter, a partner at Brentwood. “As partners with management, we will continue to build upon the company’s successful multi-channel distribution, and we expect significant growth as the business expands its product offering and broadens its retail footprint.”
Brentwood Associates is a consumer-focused private equity investment firm. 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, CA (www.brentwood.com).
“We see tremendous opportunity in the Sundance Catalog’s direct-to-consumer channels as management is in the early stages of leveraging a vast e-commerce toolset to more effectively serve their customers,” said William Barnum, Jr., a partner at Brentwood and co-founder of the firm’s private equity effort. “Furthermore, we believe the company’s retail strategy represents a significant growth opportunity and an additional path to deeper brand penetration.”
The acquisition is being partially funded through a combination of senior and subordinated debt. OneWest Bank is acting as administrative agent for the senior credit facility, while GarMark Partners is providing the subordinated debt.
Brentwood was represented by Greenberg Traurig in conjunction with the transaction. Sundance Catalog was advised by Lazard Middle Market with legal advice from Kaye Scholer.