Olympus Capital Investments has sponsored a recapitalization of J.W. Hulme Co., a St. Paul, Minn.-based maker of leather and canvas bags and accessories. No financial terms were disclosed.
Olympus Capital Investments, LLC, (“Olympus”) a private equity firm focusing on growth capital investments in middle market companies, today announced the closing of its equity investment in J.W. Hulme Company, LLC, a 104 year old company based in St. Paul, Minnesota crafting distinctive leather and canvas bags and accessories which are 100% made in the U.S.A.
Earlier this year, J.W. Hulme Co. faced significant capital constraints when it was unable to renew its five-year running term loan due, in part, to difficult credit markets. As chronicled in the Wall Street Journal on January 9, 2009, this event further exacerbated the company’s already leveraged position. Co-owners Charles Bidwell and Jen Guarino then decided to pursue a recapitalization of the company, including issuing new equity and reducing leverage.
“As customers, we had known of J.W. Hulme,” said Dean Vanech, Chairman of Olympus. “When we learned of their situation, we saw an attractive investment opportunity. We wanted to become a part of preserving this unique legacy of quality made-in-the-USA products.”
Based on extensive feedback from its customers, J.W. Hulme Co. has developed a host of new products to launch over the next six months. In addition to its best-of-class product offering, customers will see a widened assortment of upscale bags for travel, business, sporting and hunting, as well as a line of women’s handbags.
With this infusion of new capital, J.W. Hulme Co. maintains its pledge – from the materials the company chooses to its time-honored techniques – to produce exceptional, unique and valued products for discerning customers. And, backed with a lifetime guarantee and unsurpassed customer service, the company’s commitment to quality remains as real today as when founded in 1905.
“This is an exciting time for J.W. Hulme. We’re financially healthy and poised for growth,” said J.W. Hulme Co. Chairman Charles Bidwell. “Our artisans have been hired back and are busy producing extraordinary new and classic products alike.”
About Olympus Capital Investments, LLC
Based in Morristown, New Jersey, Olympus Capital Investments, LLC is a private equity company that provides growth capital to emerging and established middle market companies.
Olympus Capital Investments is a wholly-owned subsidiary of Olympus Holdings, LLC, an independent firm engaged through its various subsidiaries and affiliates in energy, commercial finance and entertainment. Please visit www.olympuscapinv.com.
About J.W. Hulme Company, LLC
Based in St. Paul, Minnesota, J.W. Hulme Company, LLC was founded in 1905 originally as a manufacturer of canvas awnings and tents. After supplying the Army during World Wars I and II, the company expanded its craft to include sporting and hunting bags. A true rarity, J.W. Hulme Co. still carefully crafts its product with materials 100% made in the U.S.A. and backs it with a lifetime guarantee. For more information please visit www.jwhulmeco.com or call 1-800-442-8212.