Bear Growth Capital Partners acquires Everything But Water
21 Apr '06
2 min read
Bear Growth Capital Partners, an affiliate of Bear Stearns Merchant Banking, has announced the acquisition of women's swimwear retailer Everything But Water.
Everything But Water is the largest independent specialty retailer of women's contemporary swimwear in the US. Terms of the deal were not disclosed.
Founded in 1984 by Stacey Siegel, Everything But Water has 34 stores located in 14 states and Puerto Rico and provides an extensive selection of trend-setting swimwear and related accessories. It is universally known for providing an exceptional swimwear shopping experience for the contemporary woman.
With the acquisition, the company has announced that Rick Sarmiento, the founder and former CEO of White House | Black Market, will join Everything But Water as Chairman and a board member. Ann Tucker, who has worked with the company for more than 15 years, will succeed Stacey Siegel as President, who is leaving to pursue other interests.
Joe Scharfenberger, MD, Bear Growth Capital Partners, said, "We are excited about the growth opportunities this investment offers Everything But Water. We look forward to working with Rick Sarmiento, Ann Tucker and the rest of the existing management team to help the Company grow its retail presence."
"We are thrilled about joining with Bear Growth Capital Partners to help expand our market presence and achieve future growth," said Ann Tucker.
"BGCP has a terrific reputation of working with growth-oriented companies and management teams to help them reach their long-term goals. I am confident that we will be able to capitalize on the attractive growth opportunities that exist within this specialty retail category," added Rick Sarmiento.
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