Mountain High Hosiery LTD. has been acquired by MHH Acquisition, LLC, an affiliate of Creo Capital Partners, LLC. The purchase price was not disclosed. The current management team will remain in place, supplemented by the newly appointed Chief Executive Officer Gerald Birin.
Birin said, “We believe this transaction will help take our company to the next level. Not only does it put in place an excellent capital base that solidifies our platform of providing superior quality socks to our customers, but it also allows the company to continue to expand its product offering and development. The capital infusion provided by Creo gives the company the ability to aggressively seek new licenses and new market opportunities. Furthermore, Mountain High has long since been at the forefront of innovation in our industry. This transaction will ensure that our mission of high quality and innovation will continue for many years to come.”
As it relates to Mountain High's new owners, Birin added, “Creo Capital Partners has an outstanding track record of building value at its portfolio companies by partnering with management and providing strong financial and strategic support. We look forward to our ongoing partnership which we know will create value for all the Company's stakeholders, including its customers, its licensors, its suppliers, its employees and its investors.”
Nick Sternberg, Partner of Creo Capital Partners said, “We are pleased to have the opportunity to partner with Gerald and his team and build on the company's stellar reputation and track record of growth and success in the hosiery industry.”
Mountain High Hosiery, LTD, markets product under is own Mountain High Hosiery and Royal Bermuda brands, as well as through licensing arrangements with Tommy Hilfiger, Esprit, Bill Blass, Body Glove, AND1 and others. The company is also a domestic supplier of private label hosiery.
