Brentwood Associates has acquired Boca Raton, Florida-based Boston Proper, a women’s apparel and accessories’ retailer. The seller was Chico’s FAS Inc. No financial terms were disclosed.
LOS ANGELES, January 19, 2016 — Brentwood Associates, a leading consumer-focused private equity investment firm based in Los Angeles, announced today that it has acquired, through its affiliates, the Boston Proper (“Boston Proper”) direct-to-consumer business from Chico’s FAS, Inc. Terms of the agreement were not disclosed. Boston Proper is a Boca Raton, Florida-based multi-channel retailer of women’s apparel and accessories, offering distinctive products with a focus on quality and style. In partnership with existing Boston Proper management, including Boston Proper President and Chief Merchandising Officer Sheryl Clark, Brentwood will refocus on building a unique and compelling direct-to-consumer lifestyle brand through Boston Proper’s print, digital and social channels.
“Boston Proper has been catering to a very particular niche for nearly 25 years. The demographic can best be described by its attitude – ‘wear it like no one else’,” explains Clark. “These women don’t fall into traditional categories. What they do have in common is the desire to feel sexy but polished in such a way that’s impossible to ignore. The Boston Proper woman is on trend, but she makes it her own in unexpected ways, and she looks to us for fashions she knows no one else will be wearing.”
“We will reignite the passion around the brand, strengthen the quality of our service and further enhance the personal relationships that drive our business,” says Clark “Everyone changes. We’ve changed. Our customer has changed. The world has changed. But our core attitude is still there. We’ve started the conversation with our customers, and they’re eager to join us on this journey of growth and rediscovery.”
“Brentwood brings an extraordinary level of relevant experience and strategic insight to our company,” notes Clark. “They not only have a proven track record of success with our business model, but they also have a strong understanding of who we are and a like-minded vision of where we want to go.”
“Brentwood has been a loyal and longstanding fan of Boston Proper and its management team, having tracked the business for over a decade,” said Eric Reiter, a partner at Brentwood. “They occupy a unique and compelling niche within the women’s apparel and accessory market, and we believe we can be a valuable partner in their next stage of growth.”
“We see tremendous opportunity in Boston Proper’s direct-to-consumer channels, as the focus shifts back towards the brand’s unique customer value proposition,” said Roger Goddu, partner with Brentwood Associates.
Chico’s FAS was advised by Peter J. Solomon Company as financial advisor and by
Greenberg Traurig LLP as legal counsel. Brentwood was represented by Burr & Forman LLP and KPMG Corporate Finance LLC.
ABOUT BOSTON PROPER
Founded in 1992 and headquartered in Boca Raton, Florida, Boston Proper is a specialty retailer of women’s high-end apparel and accessories inspired by women who are fearlessly feminine, enviably chic and possess the poise and confidence to Wear It Like No One Else®. Characterized by highly differentiated merchandise and a desirable and aspirational look, the brand emphasizes an iconic, classy and sexy aesthetic, delivering on-trend styles with age-appropriate fits that cultivate glamour and inspire individuality. Boston Proper merchandise is available nationwide by direct mail catalog and online at bostonproper.com.
About Brentwood Associates
Brentwood Associates is a leading consumer-focused private equity investment firm with over $1.4 billion of capital under management and a 30-year history of investing in leading middle-market growth companies. Brentwood focuses on investments in growing businesses where it is able to leverage its extensive experience in areas such as: specialty retail; branded consumer products; consumer services; direct marketing, including direct mail and e-commerce; education; health and wellness; and restaurants. Since 1984, Brentwood’s dedicated private equity team has invested in 49 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.
ABOUT CHICO’S FAS, INC.
The Company, through its brands – Chico’s, White House | Black Market, and Soma, is a leading omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items. As of October 31, 2015, the Company operated 1,546 stores in the US and Canada and sold merchandise through franchise locations in Mexico. The Company’s merchandise is also available at www.chicos.com, www.whbm.com, and www.soma.com. For more detailed information on Chico’s FAS, Inc., please go to our corporate website at www.chicosfas.com.