Canadian private equity firm CAI Capital Management has held the first close of Firethorn Capital Partners LP, the first in a series of CAI funds that will serve accredited individual investors, family offices, and smaller institutional investors in North America. The amount raised by the new fund was not released. Firethorn, which will be led by CAI Managing Partner Tracey McVicar, has already completed its inaugural deal, taking an undisclosed majority interest in White House Design Co Inc, a Canadian designer, manufacturer and wholesaler of women’s clothing. The interest was sold to Firethorn by
Jan Stimpson, White House’s founder. John Evans will be the company’s new president and CEO.
CAI Announces New Fund and Inaugural Investment
Vancouver, BC – November 4, 2015 – CAI Capital Management Co. (“CAI”) is pleased to announce that it has held a first close on its latest fund, Firethorn Capital Partners, L.P. (“Firethorn”). Firethorn is the first in a series of CAI funds that will serve accredited individual investors, family offices, and smaller institutional investors in Canada and the United States.
In recent years, four of CAI’s five founding partners have retired from active involvement in the firm and transitioned the firm’s leadership to the next generation. Managing Partner Tracey McVicar, a 13-year CAI veteran, will lead Firethorn with the Vancouver-based CAI team. CAI founding partner Peter Restler will continue his involvement with the firm as Chair.
Continuing a long relationship with CAI, Firethorn’s L.P. Advisory Committee will be led by Doug Pearce, former CEO and CIO of British Columbia Investment Management Corporation.
The CAI team will continue to invest in Canadian and U.S. lower-middle market businesses that have demonstrated an ability to generate between $5 million and $15 million of EBITDA.
Concurrent with its first closing, Firethorn made a significant equity investment in White House Design Company, Inc. (“White House” or the “Company”), a Canadian designer, manufacturer, and wholesaler of women’s clothing.
White House is headquartered in Burnaby, British Columbia and designs, manufacturers, markets, and wholesales the Sympli and Sympli Grand line of women’s wear. The Sympli line is a collection of high-quality basics that use a “fit formula” to complement and enhance all body types. The Sympli lines are sold through over 750 retailers across Canada and the United States.
Firethorn acquired a majority interest in White House from its founder and President, Jan Stimpson. Jan will continue to remain involved in the business as a director and as an employee focused predominantly on design. “White House fits very well with Firethorn’s strategy of partnering with and investing in founder-owned businesses in the North American lower-middle market. We are delighted to partner with Jan Stimpson, who has built an impressive entrepreneurial, high-growth company and we look forward to working with her to build upon the success to date,” said Tracey McVicar.
Following the closing of the transaction White House hired John Evans as President and CEO. John brings a strong track record of building and managing apparel companies both in North American as well as internationally and will be responsible for leading the Company in its drive to create effortless style for women of all shapes and sizes.
About CAI Capital Management Co. and Firethorn Capital Partners, L.P.
CAI Capital Management Co. (“CAI”) is a leading private equity firm focused on investing in lower middle-market businesses in North America. With offices in Vancouver and New York, CAI is uniquely positioned to assist businesses in both Canada and the United States. CAI’s broad operational and financial expertise and ready access to capital position the firm to be a valued partner for proven, motivated management teams. We seek to create partnerships that are uniquely capable of reaching common goals and attaining superior investment performance. CAI has invested or placed with co-investors over $1.4 billion in equity or equity-related investments to help fund growth and corporate transition in companies throughout North America.
Firethorn Capital Partners L.P. (“Firethorn”) is the first in a series of CAI funds that will serve accredited individual investors, family offices, and smaller institutional investors in Canada and the United States. For additional information, please visit www.caifunds.com.
About White House Design Company, Inc.
Founded in 1992, White House designs, manufactures, markets, and wholesales the Sympli and Sympli Grand line of women’s wear. Sympli is comfort first and full of character. Authentic effortless style for all shapes and sizes. For additional information, visit www.symplithebest.com.
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