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BTWW & Cheyenne-based western-wear chain announce merger

16
Jan '07
BTWW Retail L.P. (BTWW) and Corral West Ranchwear (Corral West) announced their merger, thereby creating the largest and most diversified western and work apparel retailer in the United States. Following the merger, the company will have 138 retail outlets in 20 states, and will utilize its significant management team and vast geographic reach to continue to aggressively expand its presence through new store openings and acquisitions.

Corral West's CEO Leslie Ball, the former Chairman of Macy's Midwest and President of Macy's East, together with EVP & CFO Larry Hager, a former senior executive with Montgomery Ward & Co., will assume senior management roles in the combined company and retain their respective titles of CEO and CFO. Seasoned retail veterans John Talbot of BTWW and Steve Farkas of Corral West will assume the roles of Divisional President and Senior Vice President, respectively.

In consummating the transaction, Luther King Capital Management (LKCM) and Sage Capital Partners, the respective financial sponsors of BTWW and Corral West, reaffirmed their commitment to support the ongoing growth and vision for what is now the largest western and work wear retail chain in the United States.

“We are excited to continue pursuing our passion for the western industry and our vision of building the leading western and work wear retailer from our initial platform of 16 stores acquired in 2004,” said J. Bryan King, Managing Partner of LKCM. “We continue to see compelling opportunities in this market, both in increasing product availability and assortment for consumers as well as utilizing our strong presence across the industry's key markets to increase distribution for the vendors that support us. We look forward to continuing to lead this ambitious plan.”

“BTWW and Corral West are ideal partners to spearhead a consolidation movement within the highly fragmented western and work wear retail segment,” said Daniel Gardenswartz, Managing Director of Sage Capital Partners.


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