Private equity firm Platinum Equity acquired Augusta Sportswear Brands (ASB) and Founder Sport Group (FSG) with an eye on integrating the two entities. They join Mad Engine as part of Platinum Equity’s portfolio of companies serving the active lifestyle apparel market.
Financial terms of the private transactions were not disclosed.
ASB’s brand portfolio includes Augusta Sportswear, Holloway, High Five, Pacific Headwear, Russell Athletic (uniforms), and CCM. FSG’s brand portfolio comprises Under Armour (uniforms), Badger, Alleson, C2, ProSphere, Garb Athletics, and Flash.
“Youth sports play an important role in society, and participation has been shown to provide important psychological and social health benefits,” said Platinum Equity Co-President Louis Samson when discussing the deal.
“The core market for youth sports apparel and accessories has grown steadily over the past decade, but the ecosystem is highly fragmented and, in many ways, inefficient,” he continued. “We saw the potential to combine two established companies very rapidly and orchestrate a transaction that we believe leverages our unique integration and operational capabilities with the goal of improving those industry dynamics and ultimately bringing to life a better customer experience.”
Platinum Equity’s integrated portfolio of brands will allow the company to serve on- and off-field fanwear of youth sports teams, clubs, schools, and leagues.
“We believe bringing ASB and FSG together will create meaningful benefits for the company’s customers, end consumers and the youth sports apparel industry as a whole,” said Platinum Equity Managing Director Jason Price. “Joining forces will create an expanded portfolio of brand and product offerings across the full sports and lifestyle apparel industry. It will make more brands available to more consumers in more communities.”
Augusta Sportswear Brands and Founder Sport Group significantly invested in sublimation printing, an ink-on-fabric technology that provides better image quality and customization with quick turnaround times for customers.
“We believe that over time, integrating the two companies has the potential to further reduce customer turnaround times, create a more efficient supply chain and accelerate the impact of sublimation and other technologies throughout the ecosystem,” added Price. “We have a lot of experience with apparel businesses and are excited about the opportunities ahead.”
In 2020, Platinum Equity acquired Mad Engine, an omnichannel provider of licensed, branded and private-label apparel and accessories. In 2022, the company acquired the international apparel company Hop Lun. Jostens, a partner in the academic and achievement channel serving the K-12 educational, college and sports segments, is also a Platinum Equity portfolio company.
ASB and FSB will continue business as usual during the integration phase with Platinum Equity. Latham & Watkins was legal counsel to Platinum Equity on acquiring the companies.
Image courtesy Platinum Equity
