CCMP Capital Advisors LP has agreed to acquire Badger Sportswear, a provider of team uniforms and performance athletic wear. No financial terms were disclosed. Robert W. Baird & Co. is providing financial advice to Badger on the transaction. Badger CEO Jerry Carr will remain in that post and continue as chairman of the company’s board of directors.
NEW YORK & STATESVILLE, N.C.–(BUSINESS WIRE)–CCMP Capital Advisors, LP (“CCMP”) and Badger Sportswear (“Badger”) today announced that they have entered into a definitive agreement under which affiliates of CCMP will acquire a controlling interest in Badger, a leading family-owned manufacturer and supplier of high quality team uniforms, performance athletic wear and fanwear at value prices for youth and adult athletes. Terms of the transaction were not disclosed. The company’s founders, Jerry and Bill Carr, will reinvest a significant portion of their equity as part of the transaction. Jerry Carr will remain CEO and will continue to serve as Chairman of Badger’s Board of Directors.
Established in 1971, Badger has become one of the fastest growing companies within the wholesale athletic team sportswear market. The company has combined industry-leading product innovation and quality with best-in-class customer service to become the trusted supplier to team dealers, decorators, and wholesalers throughout the U.S. Badger offers its customers a unique value proposition with thousands of SKUs accompanied by accurate and timely order fulfillment, competitive price points, and no-hassle sales support.
“We are thrilled to be partnering with the Carr brothers and their talented team to continue to build upon the strong company and brand that they have created. Badger’s compelling proposition of outstanding product quality, innovation and service at value price points has led to long-standing customer relationships and a clearly differentiated position in the market,” said Doug Cahill, a Managing Director at CCMP. “We look forward to working with the Badger team to pursue numerous avenues of future growth and continued innovation.”
“We are excited about the future of the great company we have built and the opportunity to partner with CCMP,” said Jerry Carr, Chief Executive Officer of Badger. “We believe CCMP’s significant consumer and retail investment and operating expertise and its long-standing history of successfully working with family-owned businesses make them the ideal partner to help take Badger to its next level of growth.”
The transaction is subject to customary closing conditions and is expected to close in September 2016. Robert W. Baird & Co. is serving as financial advisor to Badger. McGuireWoods LLP is serving as legal advisor to Badger, and Ropes & Gray LLP is serving as legal advisor to CCMP.
Badger Sportswear is a leading provider of team uniforms and performance athletic wear, including performance t-shirts, fleeces, shorts, pants and outerwear, worn by youth and adult athletes, team fans and supporters, and corporate employees, among other individuals. Badger has combined industry leading product innovation and quality with best-in-class order execution and service to become the trusted supplier to team dealers, decorators, and wholesalers throughout the U.S. The company also sells its products through a growing number of collegiate bookstores and sporting goods retailers.
About CCMP Capital
CCMP Capital Advisors, LP specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation and growth of its portfolio companies. With offices in New York, Houston and London, CCMP invests in three primary industries: Consumer, Industrial and Healthcare. Selected investments under management include: Shoes For Crews, PQ Corporation, Jetro Cash & Carry, The Hillman Group, Jamieson Laboratories, Pure Gym, Ollie’s Bargain Outlet, Milacron, Volotea, Newark Energy, Infogroup, Chaparral Energy and LHP Hospital Group.