Dominus Capital has recapitalized L2 Brands, which was formed by Pennsylvania-based apparel companies Legacy Athletic and League Collegiate Outfitters. No financial terms were disclosed.
HANOVER, PA and BRIDGEPORT, PA — Two longstanding, successful Pennsylvania apparel companies are joining together to offer a complete line of classic, casual apparel, headwear and home decor.
Legacy Athletic, a leading designer and supplier of vintage-inspired collegiate, resort and corporate headwear, apparel and home decor, and League Collegiate Outfitters, a best-in-class manufacturer of premium collegiate apparel and accessories, announced today that they have closed on a merger deal to create a single parent company, L2 Brands, LLC, that has been recapitalized by Dominus Capital. The combined platform will allow each brand to aggressively pursue growth opportunities in current and new markets with a cohesive-looking, full-scale line of customizable, trend-right products for its retailers and end consumers.
Both companies were founded within a year of each other in the early 1990s and have over 25 years of deep relationships with more than 3000 leased and independent campus stores nationally. With over 500 collegiate headwear and apparel licenses, together they will provide a full lifestyle line of products which includes high quality t-shirts, fleece, bottoms, youth styles, headwear and winter knits, as well as adjacent categories such as home décor, wall signage, spirit blankets, pillows and other accessories. Additionally, Legacy serves 8000 customers in the resort, destination and corporate markets.
Each company has been a member of the Fair Labor Association for over 15 years with a deep commitment to socially and ethically responsible production of its goods in the U.S. and abroad. Based in Bridgeport, PA and El Salvador, League currently employs 175 and 600 people at their respective locations. League’s owned manufacturing factory in El Salvador offers jobs to workers with disabilities, in gang rehabilitation programs, and much more. The factory has won multiple awards for its leading ethical practices in the sportswear industry and has been profiled by several global publications, including NYTimes, CNN and BBC, for its strict mission of social responsibility. Legacy is proud to employ over 200 people at its state-of-the-art facility in its hometown of Hanover, PA, is a participant of the Ethical Supplier Engagement Program and is a previous winner of the prestigious PA Governor Small Business Impact award and finalist for Central Pennsylvania Small Business of the Year.
Paige Wingert, co-founder and current CEO & President of Legacy, will lead the new company’s strategic direction and operations as CEO of L2 Brands. Pete Waldron, current CEO of League, will lead the new company’s sales and business development as the President of L2 Brands. Both Mr. Wingert and Mr. Waldron will serve on the Board of Directors in addition to their day-to-day executive responsibilities.
“We have long been an admirer of our close friends at League for the consistent, classic yet relaxed brand aesthetic they have cultivated through their top-notch quality products, graphics, and merchandising solutions. The ability to join forces with League is a very unique opportunity to achieve synergies and create solutions for our customers as well as introduce League’s looks outside the college realm, where Legacy has had much success the past 10 years. It is an exciting opportunity, and we are very enthusiastic for the new combined team without forgetting our shared roots and family-like culture at both companies that got us to this point in our journey. I can’t think of another company that makes more sense to merge with than League,” Wingert stated.
Ashish Rughwani, Partner at Dominus Capital, added, “We are excited to unify two of the leading brands in the college, destination and corporate end markets, which should allow L2 Brands to become a sizable and vertically-integrated competitor offering a full line of high quality products to its loyal customer base across multiple sales channels. Importantly, we will continue to empower the company to serve its communities and stakeholders through its numerous corporate social responsibility initiatives.”
For more information on Legacy Athletic, League Collegiate Outfitters, and Dominus Capital, please visit http://www.legacyathletic.com/, http://www.league91.com/, and www.dominuscap.com.