Palmetto Moon operates eleven stores across South Carolina, Georgia and North Carolina and sells men’s, women’s and children’s apparel, accessories and footwear. The company was founded by Bob and Karen Webster and is headquartered in Charleston, SC (www.palmettomoononline.com).
With the closing of the transaction, Mr. and Mrs. Webster will be stepping back from their day-to-day roles within the company, but will continue to serve the company in advisory roles.
Under Topspin and Motivity ownership, the company’s management team will be led by CEO Eric Holzer, who took over the role in 2016 from Mr. Webster and has over 14 years of experience with Palmetto Moon, serving in nearly every area of the organization. “Palmetto Moon has become a strong regional player in the specialty retail market over the last 15 years, growing to eleven stores across South Carolina, Georgia and North Carolina. I am excited about partnering with Topspin to continue growing Palmetto Moon’s footprint,” said Mr. Holzer.
“We are very impressed with the business the Websters have built and the growth that the company has achieved to date, and we see great potential for continued expansion within the southeast and beyond,” said Steve Lebowitz, Managing Partner at Topspin. “We are excited to partner with Eric and the company’s management team to capitalize on that potential and accelerate the company’s growth.”
Topspin Partners makes control investments in profitable and established lower middle-market businesses. Sectors of interest include health and wellness, niche consumer, food and beverage, business services and security. The firm is based near New York in Roslyn Heights, NY (www.topspinpe.com).
Motivity Capital Partners invests in specialty retail companies that have revenues of $10 million to $250 million and EBITDA of at least $1.5 million. Retail sectors of specific interest include apparel & footwear; consumer products; medical practices (optical, dental and podiatry); consumer products; service companies; and incentive marketing. The firm is based near Dallas in Irving, TX (www.motivitycapital.com).
“We are excited to team up with Topspin and the management team at Palmetto Moon. The company’s dynamic merchandising concept led by their strong management team has produced outstanding results and we look forward to working with them to grow the business,” said Jack Gunion, a Partner at Motivity.
© 2016 Private Equity Professional • 11-9-16