Brentwood Associates sells Sundance Holdings Group to Webster Capital


Webster Capital has acquired Sundance Holdings Group from Brentwood Associates. No financial terms were disclosed. Based in Salt Lake City and founded by Robert Redford, Sundance Holdings Group is a lifestyle retailer of women’s apparel and accessories, jewelry and home furnishings. Lazard Middle Market and Financo provided financial advice to Sundance and Brentwood Associates on the deal. Kayne Anderson provided the debt financing.

PRESS RELEASE

Waltham, MA (October 31, 2018) — Webster Capital, a Waltham-based private equity firm, is pleased to announce it has acquired a majority stake in multi-channel retailer Sundance Holdings Group (“Sundance”) from Brentwood Associates.

Sundance Holdings Group (www.sundancecatalog.com), founded by Robert Redford in 1989 and headquartered in Salt Lake City, Utah, is a premier lifestyle retailer of women’s apparel and accessories, jewelry and home furnishings. The company sells through catalogs, online and 13 Sundance retail stores. Sundance plans to open one additional retail location this November in Tucson, Arizona.

Webster is excited about the opportunity to partner with Matey Erdos, CEO, in this transaction and support the team in the next stage of the company’s growth. Don Steiner, Webster Capital’s Co-Managing Partner, said “We have been impressed with the management team’s ability to grow both through retail and internet expansion. Sundance has always been a treasured iconic brand and we see enormous potential to build additional awareness under our ownership.”

“The team and I are very pleased to be partnering with the Webster team,” said Matey Erdos, the President and CEO of Sundance. “With an extraordinary brand such as Sundance and its incredibly loyal following, it is imperative to us to partner with a firm that values our heritage and our history, while also embracing our go-forward omni-channel vision across retail, digital and print. Webster’s understanding of the Sundance brand combined with its expertise in building strong consumer brands makes them a great partner as we accelerate our growth initiatives.”

Webster Capital is acquiring a controlling stake from Brentwood Associates. During their ownership period, Sundance added several new key senior executives to the team and successfully expanded its retail presence, growing from two to twelve retail locations. Eric Reiter, Partner at Brentwood, commented “We are extremely proud of Sundance’s achievements during our ownership, under the stewardship of Matey Erdos. With a robust multi-channel platform in place, driven by strong growth in its e-commerce and retail channels, the company is well positioned for future growth.” Roger Goddu, Partner at Brentwood added, “Sundance is a unique and compelling lifestyle brand, and it has been an honor to work with such a wonderful organization.”

Lazard Middle Market and Financo served as financial advisor to Sundance and Brentwood Associates in the transaction and Greenberg Traurig provided legal counsel. Goodwin served as legal counsel to Webster.
The debt financing for the transaction has been provided by Kayne Anderson.

About Sundance Holdings Group
Robert Redford founded Sundance Holdings Group in 1989 to promote the works of artists and craftspeople from across the country and around the world. From a small operation run out of the attic of the old Sundance Village firehouse, Sundance has grown to become one of America’s leading lifestyle retailers. Sundance offers a thoughtfully curated mix of unique, premium-quality women’s and men’s apparel and footwear, jewelry, accessories, art and home décor.

The company’s unique product selection is available through its twelve retail stores in Alpharetta, GA, Corte Madera, CA, Dallas, TX, Deer Park, IL, Edina, MN, Fairfax, VA, Leawood, KS, Lone Tree, CO, Nashville, TN, San Diego, CA, Scottsdale, AZ, Southlake, TX, Tigard, OR, an outlet store in Salt Lake City, UT, and its website www.sundancecatalog.com.

About Webster Capital
Webster Capital is a private equity firm founded in 2003 that invests in the branded consumer and healthcare services industries and provides equity financing, expertise, and a broad contact network for management buyouts and growth capital. Webster is currently investing out of its fourth fund with $875 million of capital. For additional information on Webster Capital, please visit www.webstercapital.com.

About Brentwood Associates
Brentwood Associates is a leading middle-market private equity investment firm with a 30+ year history of investing in leading growth companies. Brentwood focuses on investments in growing businesses where it can leverage its extensive experience in areas such as: consumer products and services; multi-location growth strategies, including specialty retail and restaurants; direct marketing, including direct mail and e-commerce; health and wellness; education; and business services. Since 1984, Brentwood’s dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. For more information about Brentwood, please visit www.brentwood.com.

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