Gerbing’s Heated Clothing, a manufacturer of heated clothing and accessories, announced today that it has been acquired by Prospect Brands, a joint venture formed by McCarthy Capital and Tom Nolan. Mr. Nolan will serve as President and Chief Executive Officer of Gerbing’s.
Gerbing’s Heated Clothing has two major product lines, one directed at motorcyclists and powersports enthusiasts and another marketed more generally to broader outerwear customers. The company was founded in 1976 and is based in Stoneville, NC (www.gerbing.com).
“We are excited to partner with Tom Nolan and are committed to helping management build a global outerwear business,” said Patrick Duffy, Managing Partner of McCarthy.
McCarthy Capital invests from $10 million to $30 million in middle market companies with operating profits between $3 million and $25 million. McCarthy partners with existing management teams across a range of industries and is equally comfortable as a minority investor or majority shareholder. Since 1986, McCarthy has invested in over fifty companies, including Cabela’s, Peak 10, Guild Mortgage Company, and Vornado Air. The firm has approximately $700 million in capital under management and is based in Omaha with an additional office in Boston (www.mccarthygroup.com).
“I am humbled by the opportunity to lead this iconic brand, and I am excited by the prospect of working closely with the team to take this company to the next level. I look forward to the bright future we have ahead of us and working hard to get there,” said Mr. Nolan.
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-7-12