Purchase terms were not disclosed. The deal comes as Versa Capital
seeks to sell Polartec LLC, which it acquired out of bankruptcy court in
2007.
“We are pleased to welcome EMS into our organization and to further
expand Versa’s retail interests,” affirmed Gregory L. Segall, CEO of
Versa Capital. “EMS brings a 45-year history of marketing products for
serious outdoor enthusiasts; as such, it is a natural fit for our
existing expertise in both the retail and outdoor sectors. With a new
capital structure and the other resources that Versa can offer, EMS will
have many new opportunities to develop its branded products and better
serve its customers.”
According to Walsh, no major initiatives will be considered until the company finishes the important holiday season. “The EMS customer will see no change to the high touch, differentiated experience they are accustomed to in all of our locations and online.” Walsh also noted that plans call for exploring opportunities for Bob’s Stores and EMS to collaborate, and for maintaining all of the current EMS stores.
A unit of Duff & Phelps Corp. (NYSE:DUF) acted as exclusive financial advisor to EMS, and Gibson, Dunn & Crutcher LLP acted as legal advisor. Dechert LLP acted as legal advisor to Versa.
Philadelphia-based Versa is a private equity investment firm with $1.2 billion of assets under management focused on control investments in special situations involving middle market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa’s portfolio includes Bob’s Stores, a northeastern apparel retailer that was recognized in 2011 as Connecticut’s Retailer of the Year; Avenue Stores, a chain of trend-right, multi-channel stores offering affordable fashion for real size women; and Black Angus Steakhouses, a chain of family-oriented steak restaurants in the western states. More information can be found at www.Versa.com.
Eastern Mountain Sports began in 1967 when two Massachusetts rock climbers opened a store that would address the needs of quality climbers. That first store in Wellesley, Mass., was followed by growth opportunities in the 1980s and 1990s. Today, the Peterborough, NH-based retailer operates 69 stores in 12 states and employs approximately 1,500 people. For more information, visit www.EMS.com.
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