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TSG divests stake in PAIGE to Lion Capital

Lion Capital has acquired TSG Consumer Partners‘ stake in Los Angeles-based apparel maker PAIGE. No financial terms were disclosed. The Sage Group LLC and UBS Financial Services Inc. served as financial advisers to TSG on the transaction.


SAN FRANCISCO–(BUSINESS WIRE)–TSG Consumer Partners (“TSG”), a leading private equity firm focused exclusively on the branded consumer sector, today announced that it has completed the sale of its stake in PAIGE (“PAIGE”) to Lion Capital. The terms of the transaction were not disclosed.

Paige Adams-Geller, Co-Founder & Creative Director of PAIGE, said, “We are grateful for our collaboration with TSG, who has been tremendously helpful in developing our growth strategy, including branching out into men’s and non-denim apparel, opening up new points of premium wholesale distribution, building out our direct-to-consumer business, and enhancing our overall digital presence. We look forward to working with Lion to continue to capitalize on opportunities we see in front of us, including growing the brand in our core markets and internationally.”

Adams-Geller and co-founders Michael Geller, Michael Henschel and Walter Lacher will continue on in their leadership roles and continue to own a meaningful stake in the company.

“We are extremely proud of our partnership with the PAIGE team and everything we’ve accomplished together over the last five years,” said Jennifer Baxter Moser, Managing Director at TSG. “Since our investment in 2012, the company experienced significant growth in sales and EBITDA, illustrating the brand’s continued momentum and its success expanding into new product categories. We look forward to watching the company’s continued progress in the years ahead.”

The Sage Group, LLC and UBS Financial Services Inc. served as financial advisors to TSG and Ropes & Gray LLP served as legal counsel. Kirkland & Ellis LLP served as a legal advisor to Lion Capital.

About TSG Consumer Partners

TSG Consumer Partners, LLC is a leading investment firm with approximately $5 billion of assets under management, focused exclusively on the branded consumer sector. Since its founding in 1987, TSG has been an active investor in the food, beverage, restaurant, beauty, personal care, household, apparel & accessories, and e-commerce sectors. Representative past and present partner companies include Duckhorn Wine Company, vitaminwater, thinkThin, popchips, Muscle Milk, Yard House, Stumptown, Pabst, Planet Fitness, REVOLVE, Backcountry, Smashbox Cosmetics, Pureology, Sexy Hair, e.l.f. Cosmetics and IT Cosmetics. For more information, please visit


Born in Los Angeles in 2004, PAIGE combines Southern California casual with pure sophistication. The result is a collection of men’s and women’s styles that are infused with considered, unexpected details. PAIGE’s trendsetting, highly addictive line includes Men’s, Women’s, Maternity and Petite collections that are available at PAIGE boutiques in Los Angeles and New York and over 80 countries worldwide. For more information visit