Manhattan Beachwear buys Apparel Ventures

Manhattan Beachwear, Inc, a portfolio company of Linsalata Capital Partners has purchased Apparel Ventures, Inc, a swimwear manufacturer. The details of the deal have not been announced. Linsalata Capital Partners is an Ohio-based private equity firm founded in 1984 and has made 96 buy-side transactions totaling more than $2 billion. It is currently investing from its sixth fund, Linsalata Capital Partners Fund V, L.P. (LinCap V), with $425 million in committed equity capital.

PRESS RELEASE

Linsalata Capital Partners today announced the acquisition of Apparel Ventures, Inc., by its portfolio company Manhattan Beachwear, Inc. The acquisition closed on October 5, 2010. Manhattan Beachwear and Apparel Ventures are both leading designers, manufacturers and marketers of junior, contemporary and women’s swimwear. Apparel Ventures’ swimwear brands include a large portfolio of proprietary and licensed brands distributed to national department stores, luxury boutiques, and specialty swimwear chains. Proprietary brands include La Blanca and 2 Bamboo. Licensed brands include Ralph Lauren, Trina Turk, ABS, Puma and Rampage. The combined enterprise will be headquartered in Los Angeles, with additional facilities in New York, Mexico and Portugal, along with partner relationships throughout Southeast Asia.

Allan Colvin, CEO of Manhattan Beachwear Inc., will lead the combined entity, which will operate under the Manhattan Beachwear, Inc. name. “This acquisition brings together two established and respected names in the swimwear industry. Merging the companies into one joint entity will allow us to maximize our strengths and offer our customer base an unmatched brand and product mix,” said Colvin. Eric Bacon, Chairman of the company and a senior managing director of Linsalata Capital Partners, continued: “this transaction reinforces our vision to leverage scale and diversity to create a distinctive leader globally for women’s swimwear.”

About Manhattan Beachwear
With over twenty year’s experience, Manhattan Beachwear continues to grow its current roster of brands while still servicing its existing customers in the Junior, Contemporary, and Missy markets. Manhattan Beachwear designs, manufactures, and markets under licenses for Kenneth Cole New York, Kenneth Cole Reaction, Nanette Lepore, Hermanny by ViX and Sofia by ViX and Hobie. Company owned brands include The Bikini Lab, 24th and Ocean and Maxine of Hollywood. All of these swimwear brands are sold to a mix of major department stores including Saks Fifth Ave., Bloomingdales, Nordstrom, Macy’s and Dillard’s, as well as the best surf and swim specialty stores nationwide, including Victoria’s Secret, Swim ’n Sport and Everything But Water.
Linsalata Capital Partners Fund V, L.P. partnered with management and the owners of Manhattan Beachwear, LLC to acquire a controlling interest in the company in January, 2010.

About Linsalata Capital Partners
Located in the Cleveland suburb of Mayfield Heights, Ohio, Linsalata Capital Partners was founded in 1984 and has combined its strong financial capabilities with extensive operational experience to accelerate the growth of middle-market companies. In its more than 26 years of investing, the firm has completed 96 buy-side transactions totaling more than $2 billion. Linsalata Capital Partners is currently investing from its sixth fund, Linsalata Capital Partners Fund V, L.P. (LinCap V), with $425 million in committed equity capital.