Charlesbank Capital Partners announced that it has signed an agreement to acquire OneStopPlus Group, a subsidiary of Paris-based luxury and sport & lifestyle group PPR. Charlesbank is partnering with Webster Capital on the transaction, which is expected to close in the first quarter of 2013. The investment will be funded with both equity and debt, and the OSP management team will be co-investing in the transaction.
Headquartered in New York City, OSP is a catalog retailer and online marketplace for plus-size consumers. The company includes four women's apparel lines, Woman Within, Roaman's, Jessica London and fullbeauty, as well as men's line King Size, home goods brand BrylaneHome, the OneStopPlus online fashion mall and a clearance apparel website. Distinct for its focus on the plus-size customer and the breadth of its merchandise offering, OSP carries more than 10,000 products and 70 sizes.
Josh Klevens, Charlesbank Managing Director, says, "We look forward to working with OSP's management team to continue building the leading direct-to-consumer platform focused on the needs of the plus-size customer."
"We believe that plus-size customers are an underserved segment of the US apparel market," adds fellow Managing Director Andrew Janower. "OSP has strong brands, a talented management team and loyal customers, and we look forward to helping the company achieve its potential."
Donald Steiner, Managing Partner of Webster Capital, says, "The merchandising assortment and marketing strategy at OSP resonate with plus-size customers and we look forward to helping the company continue to add to its customer base going forward."
Consensus Advisors acted as financial advisor and Goodwin Procter acted as legal advisor to Charlesbank and Webster in the transaction. For PPR, Peter J. Solomon Company acted as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor.
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth.
Founded in 2003, Webster Capital is a private equity partnership with over $200 million in capital under management which invests in healthcare services, branded consumer and business to business companies. Webster focuses on companies with EBITDA of between $3 million to $15 million and transaction values of less than $100 million. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital.