Entrepreneur Capital acquires control of apparel business Spencer

Canadian private equity firm Entrepreneur Capital has acquired a controlling interest in Spencer Supports Canada Ltd, a Montréal- and Stanstead, Québec-based operator of apparel brands HB Heller and GSL Creations.

Terms weren’t released for the deal, which was done in partnership with President Markus Haug.

HB Heller is a designer, maker and distributor of ladies intimates and swimwear. In 2013, it acquired GSL, a supplier of fashion clothing for ladies and teens.

The platform deal is Entrepreneur’s fifth of its type since 2013. Partner André La Forge said his firm will help Spencer grow organically in new and existing markets and through acquisitions.

Entrepreneur recently sold its majority stake in Voyages Traditours to Clearspring Capital Partners.


Entrepreneur Capital announces a new platform investment

Montreal, June 2019

It is with great pleasure that Entrepreneur Capital announces the acquisition of a controlling ownership interest in Spencer Supports Canada Ltd., with operations in Montréal and in Stanstead, Québec. Spencer, via its operating subsidiaries HB Heller and GSL Creations is a Canadian leader in the value segment of the ladies and teens apparel sector by providing good quality products at attractive prices and by managing the private label programs for their various customers from design, style selection, manufacturing, logistics and weekly delivery to stores across Canada. The Company has also developed specific expertise in the plus sized market and other specialty markets such as undergarments, swimwear, maternity, fast fashion, etc., and is less subject to fashion risk at the value end of the spectrum.

“We are excited to be partnering with Spencer’s President and CEO and his experienced management team who have developed and diversified the business over the past several years. Spencer has the unique advantage of being able to design and manage successful private label programs for its mass market retail clients with a strong focus on quality and reliability to respond effectively to their customer needs. We look forward to continue to grow the Company organically, in both existing and new markets as well as consider strategic add-on acquisitions” said André La Forge, Partner at Entrepreneur Capital.

“My long-time business partner was looking to retire from the business and rather than completely sell-out, I decided to bring on an experienced financial partner that would provide my team and I with the support to continuing to successfully grow our business over the next several years”, adds Markus Haug, President of Spencer.

« This is Entrepreneur Capital’s fifth platform transaction of this type since 2013, and Spencer is a perfect fit for our business model of acquiring majority interests in partnership with management in market leading companies that are well managed, profitable and offer attractive growth prospects over the medium/long run » concludes Eric Doyon, Managing Partner at Entrepreneur Capital.


About Entrepreneur Capital

Entrepreneur Capital is a Montreal-based Private Equity firm that partners with entrepreneurs in the context of buyouts or ownership succession. Founded by successful entrepreneurs with deep transactional experience in working with small and medium sized businesses, Entrepreneur Capital aims to partner with established and well-managed businesses whose operating profits (EBITDA) are in excess of $3 million. As investors, we are not seeking to run the daily operations, but to provide strategic direction and support to our partners based on long-term goals of sustainable value creation.