Freeman Spogli & Co. has acquired a majority stake in The Paradies Shops Inc., operator of over 500 travel retail shops in airports and hotels. No financial terms were disclosed. Genesis Capital advised Paradies Shops on the deal
Genesis Capital is pleased to announce the completion of a majority investment transaction into The Paradies Shops, Inc. by Freeman Spogli & Co.
The Paradies Shops, a family-owned business for over 50 years, is a leader in the travel retail industry currently operating over 500 stores in airports and hotels. The Company operates leading local and national brands, including Brooks Brothers, PGA TOUR Shops, CNBC News, Harley-Davidson, Brighton Collectibles, and The New York Times Bookstores. The Paradies family will continue to be a significant shareholder in the Company and the existing management team, led by CEO Gregg Paradies, will continue to manage and operate the business.
“Genesis Capital was instrumental in leading our evaluation of strategic alternatives and helping us to ultimately achieve our key objectives” said Gregg Paradies, Chief Executive Officer. “This new partnership will enable us to continue to provide the highest level of service and products to our customers, take advantage of growth opportunities, diversify risk to our family shareowners and maintain our core values and family culture. We are very excited to be gaining a partner with such a long history of backing successful retail companies and helping them to grow.”
Freeman Spogli, a private investment firm with an excellent track record over 27 years, exclusively invests with management in leading retail and consumer-related companies positioned for growth.
Genesis Capital LLC acted as sole investment banking advisor to The Paradies Shops, Inc.