Private equity investor Castanea Partners has invested an undisclosed amount in Astor & Black Custom Clothiers. Formed in 2004, Columbus, Ohio-based Astor & Black is a provider of custom-made suits, shirts and other apparel. Terms of the transaction were not disclosed.
PRESS RELEASE
Castanea Partners announced today that it has invested in Astor & Black Custom Clothiers. Founded in 2004 by David Schottenstein, the company is a premier provider of custom clothing.
“Astor & Black is an exciting investment opportunity for us,” said Robert Smith, Managing Partner of Castanea. “David and his team have done a terrific job of building a business that offers customers an unmatched value proposition by delivering superior customer service and product quality at attractive price-points. We are excited to partner with David and continue to find new ways to enhance the customer experience.”
“The business has significant wind at its back as the apparel market continues to see a rapid trend towards customization,” noted Troy Stanfield, Partner for Castanea. “There is a meaningful opportunity to accelerate growth by implementing digital strategies that heighten the customer’s experience and convey the Astor & Black value proposition to potential customers.”
Astor & Black has established itself as a differentiated and progressive brand of clothing, known for its high quality, exquisite tailoring and cutting-edge design. Astor & Black appeals to a broad base of professionals and counts numerous high profile athletes, businessmen and celebrities amongst its client base. The brand’s product line includes men’s suits, shirts, and casual apparel. Headquartered in Columbus, Ohio, the company markets its products online at astorandblack.com and through its professional clothiers, who visit customers directly at their homes or offices for custom fittings.
David Schottenstein will continue to lead the business following the transaction and will retain a significant equity interest in the company.
“Castanea’s extensive experience in working with entrepreneurs to build successful businesses coupled with their deep understanding of the high-end apparel business made them the logical partner for the business, ” said David Schottenstein. “Castanea has a solid understanding of our customer and how we can best position the business for future growth.”
Terms of the transaction were not disclosed.
About Castanea
Castanea Partners is a private equity fund founded by operating executives and private equity veterans. We invest between $15M to $75M of equity in companies within specifically targeted industry sectors where we have proven investment and operating expertise including branded consumer products, specialty retail, marketing services, information services, and education.
Our investment philosophy is based on the belief that our specific industry experience and unique operating backgrounds enhance our ability to partner with successful management teams and drive top-level returns for our investors. We invest in traditional MBOs, sales of private companies, industry consolidations, growth equity and acquisition equity capital raises, corporate carve-outs and operationally challenged opportunities.
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