Goode Partners has acquired Forman Mills, a seller of off-price apparel, footwear and home goods through a network of 36 stores in nine states.
Forman Mills was founded by Richard Forman, CEO and President, in 1985. The company is based near Philadelphia in Pennsauken, NJ (www.formanmills.com). Mr. Forman will serve as an advisor to the company under Goode’s ownership.
With the closing of the transaction, Goode Partners has named Allen Weinstein – a veteran retail store operator – as Executive Chairman of the company’s board of directors and Interim Chief Executive Officer. Mr. Weinstein currently serves as Executive Chairman of Villa, a footwear and apparel retailer that is also a portfolio company of Goode Partners.
Goode intends to back the company’s continued store expansion and invest in needed infrastructure to accelerate growth. “We are delighted to be acquiring Forman Mills from Richard Forman. Richard and his management team have built a great company that has a long history of providing family apparel with great style, selection, and value to its customers,” said David Oddi, a Partner at Goode. “We plan to continue to expand geographically over the next several years and invest in the company’s infrastructure. Our first priority is to improve the shopping experience for our customers by investing in our people and supporting them with additional resources, including an upgraded point-of-sale system.”
Monroe Capital (www.monroecap.com) was the sole lead arranger and administrative agent on a $32.5 million senior credit facility to support the acquisition. New York-based Cohesive Capital Partners (www.cohesivecapital.com) co-invested in this transaction alongside Goode Partners.
Goode Capital Partners invests from $10 million to $30 million of equity in consumer-oriented companies. The firm has a specific interest in consumer brands and services, retail, restaurants, and direct marketing/selling. Goode Capital Partners is based in New York (www.goodepartners.com).
© 2016 Private Equity Professional • 10-20-16
