Clearlake Capital Group has completed its previously announced acquisition of Bluefly, an online retailer. The acquisition of Bluefly represents Clearlake’s third platform in the eCommerce space following investments in Buy.com and Swiss Watch International.
Bluefly is an online retailer of designer brands and fashion trends. In 2011, Bluefly expanded its portfolio by launching Belle & Clive, a members-only shopping destination that presents curated selections of brands via limited time sale events. The company was founded in 1998 and is based in New York (www.bluefly.com) and (www.belleandclive.com).
With the close of the acquisition, Bluefly has appointed Clearlake Operating Advisor Neel Grover, former CEO and President of Buy.com and Director of Rakuten USA, to the posts of Chief Executive Officer and Co-Chairman. He is joined by Clearlake Operating Advisor Greg Giraudi, former COO and General Counsel of Buy.com, as President and Director.
“Bluefly is a pioneer in the fashion e-commerce space and will greatly benefit from a fresh strategy and renewed sponsorship from Clearlake. With four million customers and 35 million unique visitors, the company has a great foundation. We plan to enhance the customer experience at both Bluefly and Bell & Clive as we continue to expand product selection by building a leading marketplace for designer and contemporary apparel and accessories,” said Mr. Grover.
Clearlake invests in special situations such as corporate divestitures, recapitalizations, buyouts, restructurings, turnarounds and minority equity investments. Sectors of interest include business services; communication; consumer products and retail; defense and public safety; energy and power; healthcare; industrials; media; and technology. Clearlake currently manages approximately $1.4 billion of equity capital. The firm was founded in 2006 and is headquartered in New York (www.clearlakecapital.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-12-13