Olympus Capital Investments, a private equity firm focusing on growth capital investments in middle market companies, has closed its equity investment in J.W. Hulme, a 104 year old company based in St. Paul, Minnesota crafting leather and canvas bags and accessories which are made in the US.
Earlier this year, J.W. Hulme faced significant capital constraints when it was unable to renew its five-year running term loan due, in part, to difficult credit markets. This event further exacerbated the company’s already leveraged position.
Co-owners Charles Bidwell and Jen Guarino then decided to pursue a recapitalisation of the company, including issuing new equity and reducing leverage.
"As customers, we had known of J.W. Hulme," says 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 has developed a host of new products to launch over the next six months. Customers will see a widened assortment of upscale bags for travel, business, sporting and hunting, as well as a line of women’s handbags.
"This is an exciting time for J.W. Hulme. We’re financially healthy and poised for growth," says J.W. Hulme chairman Charles Bidwell. "Our artisans have been hired back and are busy producing extraordinary new and classic products alike."
