Kaye Scholer Represents Sundance Holdings Group and its Equity Holders in its Sale to Brentwood Associates
Kaye Scholer represented Sundance Holdings Group, LLC along with its equity holders, including long time client ACI Capital, in the sale of Sundance to Brentwood Associates.
The Kaye Scholer team consisted of Partners Mel Cherney, Lowell Dashefsky, Laurie Abramowitz, Mark Kingsley, Sheryl Gittlitz and Jeff London; Counsel Irv Hepner and Peter Danias; and Associates Connie Ericson, Brian Witkowski and David Kim.
The press release below was issued by Brentwood earlier today.
Brentwood Associates Acquires Multi-channel Retailer Sundance Holdings Group
Brentwood Associates, a leading consumer-focused private equity investment firm based in Los Angeles, announced today it has acquired a majority stake in Sundance Holdings Group, LLC ("Sundance Catalog"). Sundance Catalog, founded by Robert Redford in 1989 and headquartered in Salt Lake City, Utah, is a leading multi-channel direct marketer and specialty retailer of women's apparel and accessories, jewelry and home furnishings. 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.
"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."
Sundance Catalog elevates the traditions of genuine American heritage into a sophisticated and creative style by integrating and promoting the work of individual artists and artisans in an authentic visual and narrative context. Sundance Catalog enjoys strong brand loyalty driven by uncompromising product quality and a commitment to complete customer satisfaction.
"Brentwood brings tremendous insight as we embark on the next level of growth," said Sundance president and CEO Matey 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 Catalog is the ninth acquisition by Brentwood Associates' latest fund, Brentwood Associates Private Equity IV, L.P. This follows Brentwood's recent successful exits of portfolio companies Array Marketing Group, Filson Holdings, and Ariat International.
"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, FSB is acting as administrative agent for the senior credit facility, while GarMark Partners is providing the subordinated debt. Brentwood was represented by Greenberg Traurig LLP in conjunction with the transaction. The Company was advised by Lazard Middle Market LLC with legal advice from Kaye Scholer LLP.
Sundance Holdings Group
Robert Redford founded Sundance Catalog in 1989 to promote the works of artists and craftspeople. The Company has received multiple Catalog Age Gold Awards for notable creative, photography and unique product offerings. Sundance Catalog's eclectic mix of clothing, jewelry, accessories, and home decor are predominantly exclusive and offered through its catalogs, website (www.sundancecatalog.com), an outlet store and retail stores located in Corte Madera, California and Denver, Colorado. The Company is one of several Sundance brand entities including the Sundance Channel, the Sundance Institute, Sundance Cinemas and the Sundance Resort.
Brentwood Associates is a leading consumer-focused private equity investment firm with over $650 million of capital under management and a thirty-year history of investing in leading middle-market growth companies. Brentwood focuses on investments in growing businesses where it is able to leverage its extensive experience in areas such as: branded consumer products; consumer services; direct marketing, including direct mail and e-commerce; education; health and wellness; restaurants; and specialty retail. Since 1984, Brentwood's dedicated private equity team has invested in 40 portfolio companies with an aggregate transaction value of over $5 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and executives building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
Also of Interest
- Tax Alert: Final Debt Regulations Have Limited Scope of Application November 30, 2016 • Client Alerts
- Golodner Quoted in IFLR on Proposed NYS Digital Security Laws November 29, 2016 • Media Mentions
- Best Lawyers Profiles Frankle as “Lawyer of the Year” November 28, 2016 • Media Mentions
- Fallon Appointed to the University at Albany Presidential Search Committee November 22, 2016 • Recognitions
- Fintech Term Sheet Negotiations: Key Issues Beyond Price November 21, 2016 • Articles
- The Strategic View—Aviation UK November 17, 2016 • Articles
- JUVE Handbuch Recommends Frankfurt Office and Lawyers November 14, 2016 • Recognitions
- Who’s the Lender? Two “True Lender” Cases with Implications for Marketplace Platforms November 10, 2016 • Client Alerts
- Using Technology Service Providers Is No Silver Bullet November 7, 2016 • Articles