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Monomoy Capital acquires US apparel retailer

Monomoy Capital Partners, a New York private equity fund, has acquired Casual Living USA from its family owners.

Terms of the transaction were not disclosed.

Monomoy will consolidate business operations of Casual Living into its Boston Apparel Group platform, a catalogue and internet retailer of women’s value-priced apparel and accessories under the Chadwicks and metrostyle brands.

Boston Apparel operates a warehouse and distribution centre in Taunton, Massachusetts and is headquartered in West Bridgewater, Massachusetts.

Currently based in Tampa, Florida, Casual Living markets “casuals with a twist” to women between the ages of 45 and 60 with an average household income of USD75,000 to USD100,000. Casual Living sells its products through direct-mail catalogues (52 per cent of sales) and its website (48 per cent of sales) and offers spring and summer collections in its market niche.

Monomoy will transition Casual Living’s fulfilment, marketing, merchandising and sourcing operations into Boston Apparel’s existing infrastructure in Massachusetts.

The Casual Living acquisition provides Boston Apparel with an expanded product offering, diversifies Boston Apparel’s customer base, and complements Boston Apparel’s Chadwicks and metrostyle brands.

“We are excited to add the Casual Living brand to the Boston Apparel family,” says David Myles, the chief executive officer of the Boston Apparel Group. “Casual Living has developed a top-tier product offering and a loyal customer base over the past five years. We will nurture and grow the Casual Living product offering while providing expanded choices to our Chadwicks and metrostyle customers. In a difficult retail environment, the addition of Casual Living will substantially expand Boston Apparel’s unique ability to provide consumers with the right products at the right price points every day.”

The Casual Living transaction marks the first add-on acquisition for Monomoy’s Boston Apparel platform since Monomoy created the business in 2008 through the purchase of Chadwicks and metrostyle from Redcats USA.

Monomoy Capital Partners is a USD280m private equity fund that makes controlling investments in middle market companies. The fund has completed 27 transactions over the last four years in the smaller end of the middle market and currently owns ten businesses that collectively employ more than 5,000 people.

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