Soft Surroundings, a direct marketer and specialty retailer of branded apparel, accessories, beauty products and home furnishings, has sold a majority interest in the business to private equity firm Brentwood Associates.
Soft Surroundings will continue to be actively managed by chief executive Tom Wilcher and president Robin Sheldon.
In partnership with Brentwood, the team will remain focused on building the lifestyle brand through expanding both the direct (catalogue and e-commerce) and retail channels.
Wilcher says: "We are proud of what we have achieved to date and are excited to bring on a value-added partner in Brentwood that will help us continue to grow our business."
"Brentwood invests in authentic, differentiated brands led by exceptional management teams, whose focus on accelerating growth can leverage our broad industry and business expertise," says Eric Reiter (pictured), partner with Brentwood Associates. "Soft Surroundings has carved out a unique niche within the women’s apparel market, targeting an underserved consumer and bringing her special products and a unique customer experience."
Soft Surroundings is expanding its retail store network, with recent store openings in Kansas City, Missouri and Denver, Colorado. The company is also planning new store openings in malls and lifestyle centres in Boston, Massachusetts, San Antonio, Texas and Houston, Texas by the end of 2012.
Soft Surroundings is the tenth acquisition by Brentwood Associates’ latest fund, Brentwood Associates Private Equity IV. This follows Brentwood’s recent successful exits of portfolio companies Array Marketing Group, Filson Holdings, and Ariat International. The acquisition is being partially funded through senior debt. OneWest Bank, FSB is acting as administrative agent for the senior credit facility.
