Monomoy Capital Partners, L.P a New York private equity fund that makes controlling investments in middle market companies, announced that it has acquired Casual Living U.S.A., Inc. from its family owners. Terms of the transaction were not disclosed.
Monomoy will consolidate business operations of Casual Living into its Boston Apparel Group platform, a leading catalog and internet retailer of women's value-priced apparel and accessories under the Chadwicks and metrostyle brands. Boston Apparel operates a warehouse and distribution center in Taunton, Massachusetts and is headquartered in West Bridgewater, Massachusetts.
Currently based in Tampa, Florida, Casual Living markets “casuals with a twist” to women between the ages of 45 and 60 with an average household income of $75,000 to $100,000. Casual Living sells its products through direct-mail catalogs (52% of sales) and its website (48% of sales) and offers best-in-class Spring and Summer collections in its market niche.
Monomoy will transition Casual Living's fulfillment, marketing, merchandising, and sourcing operations into Boston Apparel's existing infrastructure in Massachusetts. The Casual Living acquisition provides Boston Apparel with an expanded product offering, diversifies Boston Apparel's customer base, and complements Boston Apparel's Chadwicks and metrostyle brands.
“We are excited to add the Casual Living brand to the Boston Apparel family,” said David Myles, the Chief Executive Officer of the Boston Apparel Group. “Casual Living has developed a top-tier product offering and a loyal customer base over the past five years. We will nurture and grow the Casual Living product offering while providing expanded choices to our Chadwicks and metrostyle customers. In a difficult retail environment, the addition of Casual Living will substantially expand Boston Apparel's unique ability to provide consumers with the right products at the right price points every day.”
The Casual Living transaction marks the first add-on acquisition for Monomoy's Boston Apparel platform since Monomoy created the business in 2008 through the purchase of Chadwicks and metrostyle from Redcats USA, Inc. “Over the past 18 months, we have built an industry-leading cost structure, management team and product offering at Boston Apparel,” said Nathan Richey, a Monomoy Vice President. “Boston Apparel is now perfectly positioned to acquire additional brands and products that leverage its existing infrastructure and provide its customers with more choices and better value.”
Monomoy Capital Partners L.P.