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Catching up on this swimwear news.
Mayfield Heights, Ohio – Linsalata Capital Partners (LinCap), a Cleveland-based private equity firm, announced that it has acquired a majority stake in Manhattan Beachwear, LLC. Existing ownership maintained a 20 percent stake in the company.
Manhattan Beachwear is a leading provider of women’s swimwear and beachwear. The company is headquartered in Cypress, CA. The company supplies a portfolio of labels to large national department stores, mass merchants and specialty swimwear outlets. Proprietary brands include Maxine and 24th & Ocean. Licenses include Kenneth Cole, Hermanny by Vix, Sofia by Vix, Hobie and Split.
The existing management team, led by Allan Colvin, CEO, invested alongside LinCap and will continue in their current roles. The investment continues LinCap’s track record of success investing in niche apparel companies.
“We are pleased to be partnering with LinCap as we enter a period of aggressive expansion,” said Colvin. “Their experience in the sector will undoubtedly be helpful as we manage our growth going forward,” he continued.
Eric Bacon, senior managing director at LinCap, said, “We are excited to be working with this team and in this space coming off strong performance despite the weak economy. Women’s swimwear has proved recession-resistant and the company, in particular, has strong momentum.”
Located in the Cleveland suburb of Mayfield Heights, Ohio, Linsalata Capital Partners was founded in 1984 and has combined its strong financial capabilities with extensive operational experience to accelerate the growth of middle-market companies. In its more than 25 years of investing, the firm has completed 92 buy-side transactions totaling more than $3 billion. Linsalata Capital Partners is currently investing from its sixth fund, Linsalata Capital Partners Fund V, L.P. (LinCap V), with $425 million in committed equity capital.